Law firm advises on major financing deal for iconic No 1 Old Trafford

Addleshaw Goddard’s real estate team has advised Cole Waterhouse Limited on the real estate aspects of a refinancing deal for the development of the iconic No. 1 Old Trafford.

The deal was led by partner Patrick Duffy and legal director Emma Tonge.

The £55m finance facility, from Fortwell Capital Limited, will allow Cole Waterhouse to proceed with the development of the scheme, which will consist of two retail and more than 350 residential units situated in the immediate vicinity of Manchester United’s world-famous Old Trafford stadium, and across the River Irwell from Salford Quays.

Construction is currently scheduled to finish in the first quarter of 2021.

Patrick Duffy said: “This scheme is part of a continuous programme of investment and development that is transforming the North West and we’re thrilled to have been able to advise on another one of the region’s landmark projects.”

Irwin Mitchell acted for Cole Waterhouse on the finance aspects of the deal.

The Irwin Mitchell team was led by partner Dean Gormley, assisted by senior associate Hayley Johnson, solicitor Samantha Lowerson and associates Emily Sinclair and Sarah Phillips.

Dean Gormley said: “The deal illustrates the appetite for regional development opportunities, particularly in booming cities such a Manchester with a growing professional population.

“It will be very exciting to see this development get out of the ground.”