Challenger bank OakNorth has completed an agreement to fund the development of Adelphi Wharf, a 387-apartment scheme to the north of Chapel Street, Salford.
The development comprises 61 studios, 152 one-bedroom flats, 146 two-bedroom flats, and 28 three-bedroom flats, along with two retail units offering a combined 5,920 sq. ft. Adelphi Wharf is pencilled in for completion in December 2019, but has been fully pre-sold.
The deal comes two months after OakNorth agreed a £40.2m deal to fund two Select Property Group residential towers at Greengate.
Fortis was established in 2012 and in the past three years has completed 15 student and residential developments including a total of 1,500 apartments. In all it has completed 24 projects and has eight currently under construction.
Recently Fortis has been busy in Salford in particular, starting on site at the £72m Bridgewater Wharf in October and selling part of its Furness Quay site to Latimer. Work started in August on a 27-storey tower at Fortis Quay
Gareth Morgan, executive director at Fortis, said: “We have now completed several large-scale residential projects in Manchester with several more currently under construction, so it’s a city we know well and one that is in desperate need of more homes.
“We’re grateful to the team at OakNorth for their support on the transaction – they had a thorough understanding of the market, no doubt because they’ve now funded several developments in Manchester and worked tirelessly to ensure the deal could be completed in our limited timeframe.”
Hemesh Patel, property finance director at OakNorth, said: “Manchester has established itself as the second most important economic hub in the UK behind London, creating a strong driver of demand for city centre living.
“Property now sells three times as quickly here than in the capital and demand significantly outstrips supply, as evidenced by the fact that Fortis has already pre-sold almost 400 units more than 12 months before doors will be opening. The team at Fortis have exceptional knowledge of the city.”