Assetz Capital

Assetz Capital provides £8.26m facility for Manchester development

Property developer Progressive Living has secured £8.26m of funding from Assetz Capital to support the construction of a 64-unit residential development in Manchester.

North Central (pictured above) is located in Manchester’s NOMA area in the centre of the city and is scheduled for completion in November 2018.

The nine-storey building will offer one- and two-bedroom apartments with the option of balcony areas and parking.

It is the latest project in the same area as the Co-operative Group’s NOMA scheme, which has seen over £800m invested into the regeneration of the area.

The developer turned to Assetz Property with the planning in place for North Central and was seeking an exit strategy, as well as funding for the development.

The property team pre-sold the apartments in a matter of weeks, which meant Assetz Capital was able to lend 100% of the development costs.

“This new development is a fantastic opportunity for Progressive Living,” said Mark Davidson, regional relationship director at Assetz Capital.  

“We are proud to support the business with the funding required to get the project off the ground and once again spring life into Manchester’s NOMA regeneration area.”

Set up by Peter Forster, Ansar Mahmood and David Fairclough, Progressive Living produces sustainable schemes with creative design, high-quality materials and space maximising interiors.

“We are delighted to work with Assetz on this project,” said David, director at Progressive Living.

“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.” 

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