Salboy bags £100m for Manchester resi
ICG Real Estate has provided the developer with a nine-figure loan for the £195m Waterhouse Gardens, a 556-apartment scheme on the former Boddington Brewery site off Great Ducie Street.
The £100m loan will support the ongoing delivery of the scheme Salboy bought from Realty Estates in late 2022.
“Waterhouse Gardens is one of the largest and last-remaining regeneration sites in the UK’s fastest-growing city,” said Simon Ismail, managing director of Salboy.
“By 2026, this scheme will deliver sought-after city-centre living for many of the thousands of students and young professionals that choose to stay in, relocate or return to Manchester every year to launch and progress their careers.”
The £100m loan ICG is providing to Salboy is the second deal ICG has struck in Greater Manchester in the last 18 months. The investor also provided Legacie with a £40m facility for the 300-home Embankment Exchange in Salford.
Jai Patel, managing director of ICG Real Estate, said the Waterhouse Gardens deal had provided the lender with the “opportunity to back a proven residential developer”.
As well as Salboy’s track record, Manchester’s fundamentals also made the deal an attractive one, according to Patel.
“Manchester’s local economy continues to offer great opportunities to its residents in terms of jobs, leisure and education and is a city we favour,” he said.
“We remain keen to focus our attention on significant transactions in the living space which align with our deep conviction calls and continue to be supported by strong underlying fundamentals.”
Designed by Assael Architecture, Waterhouse Gardens features more than 500 apartments, duplexes, and penthouses for sale.
Residents will have access to a private clubhouse offering amenities and services including a swimming pool, squash and basketball courts, and a private cinema. The scheme will also feature 30,000 sq ft of commercial space earmarked for independent restaurants and bars, together with some office space.
