Cole Waterhouse has secured a £55m development finance facility with Fortwell Capital to fund the development of No. 1 Old Trafford, its 354-strong apartment scheme.
Earlier this month, it was confirmed that Domis is to take the project on as main contractor, taking over from Forrest, which had been lined up for the scheme.
Demolition of the existing buildings has now been completed by subcontractor PP O’Connor, clearing the way for Domis to start enabling works. Completion is set for 2021.
Designed by Jon Matthews Architects, the project includes 139 one-beds, 211 two-beds, and four three-beds over two towers of 18 and 15 storeys. There is also retail space on the ground floor and a communal podium garden and roof terrace.
This is the second development funded by Fortwell this year, following a deal on a Leeds office building. The business said it has a “large appetite” for large-scale financing opportunities following a £400m capital injection from Cain International at the end of 2018.
The transaction was brokered by Link Real Estate Finance.
Arthur Jennings, managing director at Fortwell Capital, said: “Loans of this size and scope underline not only the capital we have available to deploy, but also our appetite for regional development opportunities. We look forward to working with Cole Waterhouse and ensuring the successful development of this first-class scheme.”
Damian Flood, chief executive of Cole Waterhouse, said: “In an iconic location, with excellent transport links to the city centre and Salford Quays over the river, No.1 Old Trafford will be one of Greater Manchester’s leading addresses.
“The expertise and insight that Fortwell Capital brings to the table makes them our financing partner of choice for schemes such as this, and the team’s support will be crucial in delivering this prestigious development.”