Major bank injects £28.6m into 19-storey Manchester development

NatWest has supported the development of 238 new homes at Manchester’s MediaCityUK by providing a £28.6m finance deal.

The bank’s funding will support the Lightbox residential scheme (pictured above), which will include one-, two- and three-bed apartments across a 19-storey building overlooking the Manchester Ship Canal. 

NatWest’s funding will be supported by an additional £8.2m from the Greater Manchester Housing Fund to provide additional mezzanine facilities. 

The Lightbox development is part of plans for phase two of MediaCityUK’s £1bn development programme. 

MediaCityUK is a joint venture between Peel Media and Legal & General Capital.

“This is an important step towards bringing Lightbox to MediaCityUK, which has already proven to be a popular development since we took it to market in May 2016,” said Stephen Wild, managing director of MediaCityUK. 

“Our plans to double in size over the next 10 years include more hotels, bars and restaurants, as well as an increased focus on high-quality places to live, so Lightbox will bring an exciting, luxury dimension to the diverse residential offering here.”

Heath Thomas, head of real estate finance for north-west England at NatWest, added: “MediaCityUK is creating a fantastic development which will enhance the local area and it is already attracting interest from potential investors and homebuyers.”

Construction is expected to start on the Lightbox development in spring 2017 with completion set for 2019.

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