Maslow backs Heaton Group with £55m in Salford

The development finance package will support phase two of the 500-home Berkeley Square development, following an earlier £45m tranche for phase one.

Maslow Capital said the deal reinforces its commitment to supporting leading sponsors in delivering high-quality living sector projects.

Situated on Ordsall Lane, Berkeley Square is billed as a luxury development positioned between Manchester city centre and MediaCityUK. The project comprises 500 residential units, split evenly across the two phases.

Homes of one, two, and three bedrooms are included. Amenities include gym, co-working spaces, concierge services, river views, community app and on-site community manager.

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Energy-efficient features include PV panels, recycled aggregates, and low-carbon technologies incorporated throughout. Additionally, the development will provide 568 cycle parking spaces, along with EV charge points.

Completion of the entire Berkeley Square development is expected in 2026. Main contractor HG started on phase one in 2023 on the Fletcher Rae-designed project.

John Heaton, managing director of Heaton Group, said: “Partnering with a lender that understands our long-term vision is crucial, and Maslow Capital has been instrumental in making Berkeley Square a reality. This next phase allows us to accelerate our plans, bringing a high-quality, sustainable residential offering to one of the UK’s fastest-growing urban hubs.”

Rachael Gordon, head of deal execution for the UK and Europe at Maslow Capital, commented: “Salford continues to establish itself as a key growth hub within Greater Manchester, attracting both residents and investors drawn to its strong economic fundamentals and ongoing regeneration. The city’s expanding employment opportunities, coupled with a thriving rental market and increasing demand for high-quality housing, reinforce its long-term appeal.”

The deal was introduced to Maslow by Pilcher Capital Partners. The firm’s managing director Simon Pilcher said: “We are delighted that our Strategic Treasury Function provided the capital origination and negotiation resource to our client, enabling the execution of this transaction, while supporting Heaton’s wider portfolio funding requirements.

“The successful financing of this scheme is another positive step forward for Heaton, building upon its strong foundations for the future. Maslow remain an excellent financial partner; the team provide first class transactional capability enabling certainty and speed of execution.”