A loan of £25.5m to Capital & Centric to fund the conversion and extension of the grade two-listed Crusader Mill into 201 apartments has been approved by the Greater Manchester Combined Authority.
GMCA signed-off the latest loan from the £300m housing investment fund at its meeting on Friday 29 July.
The fund has already been allocated in full, with the first loans being repaid, enabling new allocations to be made. GMCA is targeting committing the pot at least two times over during its five-year lifespan.
Other beneficiaries from the fund include Trafford Housing Trust, Renaker Build, Urban & Civic and Select Property Group, as well as a range of sub-£1m projects in Greater Manchester’s towns.
Crusader has an overall development value of £50m, and has proved popular since the flats were launched for sale off-plan last month. The apartments are only available for local owner-occupiers to buy, rather than overseas investors. The architect is Shedkm.
Ahead of the GMCA meeting, John Moffat, development director at Capital & Centric, said that the company wanted to create “a genuine community at the heart of the city… not just white boxes void of any identity.”
“This is ultimately the peoples’ money we’re borrowing, therefore we owe it to Manchester to deliver something special,” he continued.