Mulbury secures £20m funding for Excelsior Works
Mulbury has agreed a £20.1m development finance deal with Wellesley Group for its Excelsior Works scheme in Castlefield, ahead of the project starting on site in May this year.
The project, designed by Tim Groom Architects, includes 108 apartments for private sale on the site of the former Excelsior book binding works on Hulme Hall Road, which collapsed in 2015.
It includes a mix of one, two, and three-bed apartments over eight floors fronting the Bridgewater Canal, some of which have balconies and access to a communal roof garden.
A contractor is expected to be appointed in late March ahead of a start on site in May, and the scheme is due to complete in autumn 2019.
Savills is the appointed agent on the project, which gained planning consent in July 2017, and will begin marketing the apartments to UK buyers next month.
James Alderson, head of Mulbury City, said: “It’s great to have Wellesley Group on board. The finance team bought into our vision for Excelsior Works, but also showed an in-depth understanding of our needs as a developer. We can now move forward swiftly. Enabling works will begin in a matter of weeks in preparation for a commencement of the main build works in May.”
Andrew Turnbull, managing director of Wellesley, said: “We are delighted to be working with Mulbury, a developer with a strong track record of building quality homes. There is strong demand for mid-priced housing in Manchester and this development is in line with Wellesley’s strategy of concentrating on funding quality housebuilders mainly away from London and the South East.”
Mulbury was advised on the acquisition of the site by Primas Law. Fieldfisher provided legal advice to Mulbury on its finance deal with Wellesley.