Frogmore refinances 1,500-home Salford Quays project
Leumi UK has provided the developer with a £13.75m mortgage for Cotton Quay, the site of a major mixed-use development that also features two hotels and more than 30,000 sq ft of commercial space.
Frogmore has previously told Place North West that work could start on site this year, three years after planning approval was secured.
In March 2020, Salford City Council granted hybrid planning consent to Frogmore and partner Royalton for the redevelopment of the eight-acre site next to Ontario Basin.
Earlier this year, Frogmore spoke to Place and reaffirmed its commitment to the 1,500-home Cotton Quay project, which development surveyor George Edwards described as “the best site in Salford”.
The refinancing of the debt on the site is another indication of the developer’s commitment to the project.
Andy Rogers, chief operating officer at Frogmore said: “Cotton Quay holds a lot of potential and we believe it will help counter the residential supply/demand imbalance we’re seeing in the area.”
Chris Stallard, relationship director at Leumi UK said: “This is a relatively large scale, complex site which required a good understanding of the market and the borrower’s strategy.
“Our longstanding relationship with Frogmore, as well as their own expertise and impeccable track record in fund and asset management, were key elements to our support.”
Knight Frank and Burgess Salmon acted for Leumi UK.
Cotton Quay is designed by architects Studio Egret West, Carey Jones Chapman Tolcher, and Studio Partington. Lichfields is the planner and Arcadis is the QS on the project.
Frogmore acquired the site from TH Real Estate for an undisclosed sum in 2018.