Luxury apartment development finalised following £10m funding
A luxury apartment building in Manchester has opened its doors to residents after its developers secured a £10.75m funding package from Lloyds Bank.
Located along the Bridgewater Canal in Castlefield, Excelsior Works is a joint venture between T&M Property Investments and Mulbury.
The £31m scheme is comprised of 108 one- and two-bedroom apartments designed by Manchester-based Tim Groom Architects and interior design studio YOUTH.
It is situated in a former printing and bookbinding mill that had been derelict for several years before its refurbishment.
The funding from Lloyds Bank, which made up a blend of long- and short-term loans, has been used to mortgage a series of remaining vacant units at Excelsior Works.
With the apartments originally set to launch in April 2020, at the height of the COVID-19 lockdown, this blended package gave the group the flexibility to bring the development to market on schedule, in unprecedented circumstances.
Founded by brothers Mustafa and Tayyab Kamani, T&M Property Investments has been a customer of Lloyds Bank since 2016, when the bank provided a £4m loan to support the firm’s expansion plans and investment in new premises.
Mulbury, an award-winning local developer and land adviser, was founded in 2010 and has specialist divisions across in affordable homes, care and open-market residential.
Lloyds Bank was advised in the transaction by chartered surveyors Eddisons and solicitors Freeths.
Mohamad Marzouk, chief finance officer at T&M Property, said: “After months of preparing to launch the development and begin welcoming residents, we suddenly found ourselves at a standstill, and in the midst of an unprecedented situation.
“The team at Lloyds Bank has been fantastic in working with us to create a package that responded to our specific needs, giving us the flexibility we needed to open as planned.”
Greg Mulligan, co-founder and director at Mulbury, said: “Once Manchester’s industrial heart, Castlefield is one of the city’s most sought-after neighbourhoods and it was important to us to build a collection of beautifully-designed apartments for those who want to experience Manchester life at its best.
“The support we’ve received from Lloyds Bank has allowed us to realise this vision and finally welcome our first residents.”
Neil Hughes, relationship director at Lloyds Bank, said: “The impact of COVID-19 has created challenging conditions for businesses across the board, so it was key for us to remain by the side of this project and support the developers in the final stages of the launch of Excelsior Works.
“The team has successfully transformed a disused and dilapidated building into a high-quality, modern apartment block, protecting the region’s rich industrial heritage by bringing this property back into productive use.”
