Wellesley development

Lender provides £39m facility for Manchester development

Specialist lender Wellesley Finance has completed a £39.9m funding package with a property developer looking to deliver a Manhattan-style development in the North West.

The McGoff Group will be using the funding for its residential development, known as Downtown, situated on the border of Manchester and Salford.

The facility is believed to be the largest ever debt package issued by Wellesley with the £39.9m loan – which will fund the delivery of the entire project in multiple stages – over a four-and-a-half-year period.

Downtown will comprise 368 apartments and high-end communal facilities and is founded on private rented sector principles.

“It’s great to conclude this deal with the McGoff Group,” said Derek Bradstock, head of origination at Wellesley.

“Offering flexible finance for a wide range of different developments, we are committed to supporting ambitious and experienced property developers like Chris [McGoff] and the team and very much look forward to seeing the scheme start to take shape.”

Downtown will offer hotel-style communal facilities, including high-grade landscaped grounds, roof terraces, 24-hour concierge services, on-site gymnasium, business centre and media room.

The development will be built and managed by the McGoff Group and Chris McGoff, director of the group, said Downtown has already been a huge success.

“Having achieved sales on well over 200 units, it’s great to be able to see the scheme ready to come to life after more than two years in the planning.

“Success has not only been founded on the building’s hotel-style services, great riverside location and proximity to local amenities and transport links, but has also been influenced by our purchasers’ confidence in the McGoff Group’s offering and longevity, which has had a direct, positive impact on sales.”

James Flynn, partner for engineering, projects and construction at law firm Fieldfisher – who have worked on the project from inception to site acquisition – added: “We have been delighted to work with the McGoff Group and advise on planning, financing, agreement of construction documents, site set up and the sale of units in the scheme.

“This ambitious development will result in an iconic new city landmark and has involved lawyers from our real estate, planning, banking and construction teams across all of our UK offices.”

Construction of Downtown is set to start later this month with the initial phases of the project completions taking place during the first quarter of 2019.

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