Multimillion-pound Castlefield residential scheme tops out

A multimillion-pound housing scheme in Castlefield, Manchester, has topped out.

Canal Wharf House, being developed by Prestbury Estates, is one of the last remaining residential plots in Castlefield.

Built by Prestbury Construction, the developer’s in-house construction team, the scheme comprises 24 one-, two- and three-bedroom homes opposite the Wharf pub and Castlefield canal basin.

Cheadle-based specialist lender, Together, provided a £6.5m finance facility to support the purchase and development of the plot at Slate Wharf.

This is the third time Together has backed Prestbury Estates for a major project having previously supported the company on two luxury schemes in Alderley Edge and Bowdon.

The Castlefield scheme is due to be completed by October, almost exactly one year since work first started on site.

Simon Kimble, of Prestbury Estates, said: “The acquisition of this unique site meant that we had to act quickly and Together helped make that possible.

“By working with neighbouring communities and Manchester city council – and with our experienced, highly skilled construction team – we are on track to deliver this exceptional, luxury residential scheme this autumn.”

Mark Woolley, development funding senior underwriter at Together, said: “We’ve worked closely with Simon Kimble and his team at Prestbury Estates in the past and are delighted to be Prestbury Estates’ funding partner on this latest project.

“Slate Wharf is a fantastic waterside development next to the canal basin in an area which has already proved popular with young professionals and families. It’s a short walk to all the offices, bars, restaurants and other local amenities the city centre has to offer. It will be a great addition to the area and will provide much needed homes to the ever-expanding Manchester residential market.”

Together has grown its development funding arm significantly in the past six months with its development funding doubling quarter on quarter and is now looking to fund more larger projects in the North West and across the UK.