Trafford loans One Heritage £22.5m for Manchester resi
The council’s cash will pay for One Victoria, a 129-apartment scheme close to the AO Arena that Torsion Construction began building recently.
Trafford Council said investment returns from the £22.5m loan would be spent on “support services and regeneration activity within the borough”.
Cllr Liz Patel, Trafford Council’s executive member for economy and regeneration, said: “This scheme is an important investment opportunity for us, supporting regeneration in Greater Manchester and providing an investment return for Trafford Council.
“We look forward to seeing the scheme progress.”
Designed by Hodder+Partners, the Manchester development would comprise two buildings of 10 and 13 storeys, fronting Mirabel Street and Great Ducie Street respectively.
The has a gross development value of £40m and is One Heritage’s largest to start on site to date.
Jason Upton, chief executive of One Heritage, said: “One Victoria is a significant regeneration project in the heart of Manchester and we are pleased to be involved as development manager.
“Our recently strengthened team looks forward to managing the successful delivery of this significant city centre project.”
Trafford Council was advised by CBRE’s lending team within its capital advisors business.
Andrew Antoniades, head of lending in the team, said: “Trafford Council’s funding of this scheme is a crucial investment in Manchester, which is tipped to experience strong population growth in the next decade and has the largest proportion of households in the private rented sector, outside of London.”
Freeths acted on the legal due diligence for Trafford while Dalbergia is retained to monitor the scheme on their behalf.
Trafford Council is no stranger to investments in neighbouring boroughs. In recent years it has pumped cash into Salboy’s Castle Irwell scheme in Salford to the tune of £19m, and £27m into Kinrise’s refurbishment of Sunlight House in Manchester.
- Hear from Trafford Council at the Greater Manchester Development Update on 7 September
The fact councils are leading money o developers to build expensive housing rather than build social housing that actually matches demand shows everything that’s wrong housing policy in Greater Manchester
By Jake Smith
I agree with the comment below. Trafford is supposedly a Labour authority. Why is it lending money for a private housing scheme in Manchester which looks to have 0% affordable?
By Observer