Developer in line for £25.5m loan for hit Crusader Mill conversion

Developer Capital&Centric is on the verge of securing a £25.5m for its highly popular Crusader Mill development in Manchester.

Funding for the scheme which saw buyer queueing round the block to snap up its loft apartments is on the agenda for a meeting of the Greater Manchester Combined Authority on Friday (July 28).

Set up to tackle the need for quality new homers across the city region, GMCA’s Greater Manchester Housing Fund is proving to be a catalyst for landmark development schemes.

Friday will see the latest tranche of applications for the £300m fund up for approval, which include the Grade II-listed Crusader in Manchester’s East Village, next to Piccadilly Station, set to be converted into one and two-bed loft apartments.

This follows the launch of the £50m scheme on Saturday, July 15, which saw buyers queue from 7am to secure their piece of the mill. The first 30 apartments – totalling more than £7m – were snapped up in less than six hours.

Capital&Centric’s John Moffat said: “The combined authority is playing a really hands-on role in Manchester’s grown and credit to them.

“Crusader being considered for loan funding is a vote of confidence in what we’re trying to achieve, a genuine community at the heart of the city.

“We’re challenging what people have come to accept as the norm from city regeneration. We’ve given first dibs on all the apartments to local buyers and the crows that descended on launch day show people are responding to that.

“We’re also sensitively restoring a piece of architectural heritage and designing a real neighbourhood – not just white boxes devoid of any identity.

“This is ultimately the people’s money we’re borrowing. Therefore we owe it to Manchester to deliver something special. Crusader Mill will transform the East Village for the better and become a catalyst community that will add vibrancy to the area.”