Heaton Group’s 500 Salford apartments secure £45.1m
Maslow Capital is financing the first phase of the developer’s Berkeley Square, which is set for a 2026 completion.
Heaton Group acquired the three-acre Berkeley Square site off Ordsall Lane in Salford in August 2022, with plans already in place for 500 apartments to be delivered.
Main contractor HG Development began work on the first phase of the project, which will deliver 250 apartments, in February last year. The £45.1m invested by Maslow Capital is to help further the construction of this part of the project.
The second phase will see the building of the remaining 250 flats – a mixture of one-, two-, and three-bedroom residences.
The apartments will reside in two blocks of up to nine storeys in height. They have been designed by architect Fletcher Rae.
When complete, the Berkeley Square apartments will overlook a landscaped central square, with residents able to enjoy rooftop gardens, coworking spaces, a café, and concierge services.
Fletcher Rae designed the Berkeley Square project. Credit: via Maslow Capital
Maslow senior director of development origination, Sky Mapon, described the project as “a fantastic opportunity to contribute to the thriving residential market in Salford”.
Mapon continued: “Maslow Capital has a long history of successfully backing high-quality developments, and Heaton Group’s professionalism and experience give us great confidence in the project’s success. We are proud to be part of this significant addition to Greater Manchester’s housing landscape.”
John Heaton, managing director of the Heaton Group, said: “Heaton Group specialise in urban placemaking, improving the public realm, and enabling sustainable community living at scale. We are delighted to be working with Maslow at Berkeley Square which forms part of our existing living sector pipeline.
“For us, Maslow has a proven track record of financing complex transactions, particularly in the North of England, making them an ideal partner for this project,” he continued.
“With financing secured, Berkeley Square is set to become a landmark development, offering high-quality living spaces that cater to the needs of Salford’s residents. The project will blend the convenience of city living with the benefits of green space to foster a strong community among residents.”
Pilcher Capital Partners assisted both parties on the deal. Simon Pilcher, the Pilcher chief executive, said: “This transaction forms part of a substantial pipeline of projects within the living sector, in which Pilcher’s strive to provide granular sector understanding, married to best-in-class deal execution. We look forward to continuing working with both Heaton and Maslow going forward.”
Cushman & Wakefield is the valuer for the project, with Dalbergia as the quantity surveyor. Addleshaw Goddard is the solicitor behind the scheme.
Will the central square be accessible to everyone to reach the canal or closed off?
By Toby
closed off, this is for residents who will need safe outside space
By Anonymous
It’s all well & good building new apartments but is not enough parking spaces to go with them as a most of the salford residents are already experiencing especially when they are blocked in by God knows who.
By Anonymous
Salford’s population density was 2,777km^2 in 2021 – Manchester’s 4,773km^2 & Greater London 7,490km^2.
The problem isn’t too little parking, it’s too much parking – wasting valuable land, encouraging inefficient commuter patterns & making much of Salford too noisy, polluted and broken up.
The A6 & M602 ripped through communities & generations later we’re still left with social & economic consequences. We surely need more Chapel Streets and fewer East Lancs. Roads.
A smaller % of people use public transport in GM than they do in Glasgow, let alone European cities like Helsinki, Zurich, Marseilles. If we want living standards comparable to normal European city regions, we need to start acting like a normal European city region. Props to Salford for what looks like a lovely scheme, & recognising the mistakes of the past when it comes to car dependent planning.
By Anonymous
I’d like to know how many flats will be properly “affordable” – that’s affordable to an average income earner in that area. Probably none. Who will be paying for and responsible for refitting any design faults, like flammable cladding or lack of appropriate fire control systems? How much will residents have to pay in service fees and will these fees be fixed or will they be doubled within a few years?
Only when all these questions are fully answered and included in contacts should anyone consider buying. How many will be sublet to AirBnB?
By Bernard Fender