OakNorth completes £40.2m loan to support development of two resi towers

OakNorth has completed a £40.2m loan to Select Property Group to support the development of 356 new homes in Manchester.

The scheme will consist of two residential towers: Exchange Point, an 18-storey building (147 residential units) and Laurence Place, a 16-storey block (209 residential units).

The buildings – in the Greengate area of central Manchester – will also provide over 14,000 sq ft of commercial space.

Select Property Group will use the funding for its new brand Origin Homes.

The two buildings will be the first developments by the new brand.

Eamonn O’Rourke, property finance director at OakNorth, said: “The team at Select Property [has] successfully completed and sold a diverse range of projects from student accommodation to serviced apartments, totalling over £500m of GDV across the UK.

“Their experience is particularly notable in Manchester, where they have an extensive portfolio and a prime position in the market.

“We’re very excited to be completing our largest deal to date with them and look forward to working with them on additional projects in the future.”

Mark Stott, founder and CEO of Select Property Group, added: “As the city where we’re headquartered and one where we’ve now completed several large-scale residential projects, Manchester plays a very significant role in our business and our portfolio.

“It is one of Europe’s fastest-growing cities and with the Ordsall Chord and High Speed 2, its popularity will only continue to grow.

“We’re therefore delighted to be bringing this development to the area and are grateful to the team at OakNorth for their support on the transaction.

“Projects of this scale typically take several months to complete, but they were able to do it in a matter of weeks.”

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