Progressive Living is set to complete its North Central apartment scheme near Manchester’s NOMA by October next year, with Cruden Construction already on site and all apartments pre-sold.
The nine-storey development on Angel Street, which will provide 40 two-bed and 24 one-bed apartments alongside ground floor retail space and basement parking, has been backed by £8.3m of funding from peer-to-peer lender Assetz Capital.
Cruden started construction works on site in May this year, and is due to hand over in October next year, ahead of the first residents moving in.
Assetz has provided 100% of the project’s development costs as all the building’s flats have been pre-sold.
The project has been designed by Cartwright & Gross.
David Fairclough, director at Progressive Living, said: “We are delighted to work with Assetz on this project. It seemed to make so much sense combining the sales and funding elements. We now look forward to completing the development, delivering much needed housing and contributing to the regeneration of the NOMA District.”
Mark Davidson, regional relationship director at Assetz Capital, said: “This new development is a fantastic opportunity for Progressive Living. We are proud to support the business with the funding required to get the project of the ground and once again spring life in to Manchester’s NOMA regeneration area.”