IPG bags £10m to get Eccles project going
Maslow Capital has provided Integritas Property Group with an eight-figure loan to convert the town’s former Crown Theatre into 82 flats.
Work on the long-awaited Lyceum project can now get underway thanks to the £10m development loan, with Abrey Construction lined up as main contractor.
Enabling work has already been carried out and IPG expects the first apartments to complete early next year.
Mitchell Walsh, managing director of IPG, said the loan marks the next step in turning “what could have been a disaster into a positive situation”.
IPG took over development in 2021, establishing the Lyceum Investors Group after the previous developer, Lyceum Manchester, went into administration.
Lyceum Manchester was owned by Goodwins Construction Services Group, which itself appointed administrators in November 2020.
The investors acquired the site out of administration for around £1m, safeguarding around £2m of deposits.
“As we took this project over from another developer that had entered administration, there have been additional legal challenges to secure this loan,” Walsh said.
“We are delighted to have overcome these challenges – this loan facility now enables us to swiftly continue construction and make progress towards completing the development on budget and on time in Q1 of 2024.”
Sky Mapson, part of Maslow’s deal origination team, added: “Maslow Capital is dedicated to supporting ethical, forward-thinking, and ambitious developers, and IPG fits this profile perfectly.
“The development plan presented by IPG showcased a strong commitment to preserving the historical elements of the property in Eccles, while simultaneously incorporating new construction and sustainable energy elements.”
IPG’s other North West developments include Bastion Point in Liverpool, comprising 240 one and two-bedroom apartments, and Cavendish Waters in Liverpool, a 70-flat scheme.
