Kinrise gets £27m Sunlight House boost
Trafford Council has approved a £27m facility from its Asset Investment Fund to support the redevelopment of the grade two-listed Manchester office building.
Kinrise – which is also redeveloping the Martins Bank Building in Liverpool – will use the facility to fund the refurbishment of Sunlight House,
The developer acquired the Little Quay Street building in joint venture with Karrev from Abrdn for £42m last year.
Plans for the project are currently being drawn up but there is no date pencilled in for the work to begin, Kinrise told Place North West.
Trafford said the loan repayments will provide “regional regeneration and a revenue return to fund front-line services”.
The authority has current investments valued at around £300m from its AIF. The largest loan is the £60m lent to Castlebrooke Investments for the redevelopment of CIS Tower in Manchester.
To date, £25m of that loan has been repaid.
Trafford recently cancelled a £67.5m loan to THG that was proposed to fund the company’s 1m sq ft campus at Airport City.
The facility was cancelled without any drawdowns since its approval in 2019.
