Octopus Real Estate has agreed to provide an £8.52m refinance facility for a commercial development at Enterprise City, Manchester.
The 18-month loan — which was secured against two adjacent sites — will be provided to Manchester Quays, part of property development company Allied London.
One site has planning consent for an 86,600 sq ft office building with a basement, ground and eight upper floors with practical completion expected in 2021.
Manchester Quays is currently seeking amended planning consent for the second site and aims to change it from a 287-unit residential tower and 110-key hotel to a 350,000 sq ft office and leisure tower.
“This is the first time we’ve worked with Allied London and it’s an exciting scheme to be involved in,” said Ludo Mackenzie, head of commercial at Octopus Real Estate.
“It’s located near Spinningfields, one of Europe’s leading urban development projects, also developed by Allied London.
“This scheme will create great opportunities for businesses needing high-quality office space in the heart of a Northern Powerhouse.”
Michael Ingall, founder of Enterprise City, Manchester Quays and CEO at Allied London, added: “…Octopus Real Estate is providing finance which enables flexibility as to how and when we secure longer-term development finance on this important next phase of Enterprise City.”
Source: Development Finance Today