Integritas refinances Liverpool resi

Development funding of £15.5m from BG Lending will provide the capital required to progress construction at Central Point, the property group said.

Integritas Property Group said the development funding facility marks “a major milestone” in the continued delivery of the 10-storey, 52-apartment Central Point.

IPG said it will now begin remobilising the site in preparation for works to continue, with work starting once the Building Safety Regulator gives its approval.

The firm said that the deal follows a detailed lender due diligence process, against the backdrop of a more complex regulatory environment following the introduction of the BSR – IPG said throughout this period it has remained focused on protecting the long-term value of its developments, maintaining open dialogue with stakeholders, and progressing the steps required.

BG is also working with the developer to close the financing on Central Point’s sister scheme Sovereign Point.

Mitchell Walsh, IPG chief executive, said. “Securing this £15.5m development funding facility is a major milestone for Integritas Property Group and represents a strong vote of confidence in Central Point.

“We are extremely grateful to BG Lending for their support, confidence and belief in the long-term value of these developments. Bringing a new institutional lending partner into Liverpool is significant, not only for IPG but for the wider city and regional property market.

“The past period has been challenging, not only for IPG but for many developers operating within a changing regulatory and economic environment.”

Integritas has this month posted an update on its website as to works at both Central Point and Sovereign Point. This said that piling, groundworks and initial structural works up to first-floor level have all been successfully completed previously, so now the focus is turning to preparing for the restart of construction.

That includes targeted remediation of existing concrete elements, alongside ongoing structural inspections and sign-off, full site remobilisation covering welfare facilities, utilities and the reinstatement of site infrastructure, crane inspection and recommissioning, and the advancement of enabling works and compliance preparation ahead of final approvals.

Works are limited to safety and remediation until BSR approval is granted for full scale works.

Aysan Ozel, director at BG Capital, added, “We are pleased to support Integritas Property Group with the refinance of the Central Point development.

“Despite ongoing market challenges, we recognise the strength of the projects, the long-term value of the developments and the commitment shown by the IPG team throughout the process.”