Biggest bridging loan for bank is for £130m Salford redevelopment
The niche property bank Cambridge & Counties has made its biggest bridging loan to date to assist in the purchase of a redevelopment site in Salford with planning permission for a £130m mixed use landmark project on one of the key gateways into Manchester’s city centre.
The facility took just six weeks to drawdown following the initial meeting with the bank.
The new owner of the freehold, property business Leo Property Group, is now looking to either sell the site or carry out a joint venture development on the land which has permission for 525 town houses and apartments in four tower blocks, the tallest rising to 26 storeys.
The plans for the Regent Road site also feature a private sky garden, residential lounge, gym, coffee shop and landscaped communal recreation areas as well as secure parking for 165 bicycles.
Architects liaised with Salford City Council planners and the application was well received when presented to the Council last summer.
Paul Jagota, managing director of Leo Property Group, said: “We have worked for some time now with Cambridge & Counties and find them to be highly efficient and pragmatic in what is still a difficult property market.
“They are always willing to ‘think outside of the box’ and can work to exceptionally tight deadlines. I hope that this is one of many more deals to come.”
Carl Ashley, director of business development for Cambridge & Counties in the North and Scotland, said: “We are very pleased to have been able to quickly progress this loan to help in the regeneration of a derelict site by such an exciting proposal. The development will connect several neighbouring projects that will revitalise the area.”
Cambridge & Counties was introduced to Leo by Keith Miller of Miller Associates and Ian Tempest of law firm Freeths in Manchester acted for the borrowers. The Bank was represented by its in-house solicitor Anil Kumar. Samuel Beilin and Partners acted for Leo Property Group.