Developer seals £40m funding for key Salford residential tower
Liverpool-based developer, Legacie Developments, has secured a £40m funding boost from ICG Real Estate for Embankment Exchange, its flagship Salford residential development.
The 36-storey scheme, which has a gross development value of £85m, is situated in the city’s Greengate district.
The 300-unit apartment project will boast a spa, gym, residents lounge and bar, work-from-home booths and a 24-hour concierge.
It is being promoted by the international sales agent, RWinvest, which has successfully pre-sold 80% of the new homes off-plan. The development funding is ICG’s first major deal with Legacie and it represents a significant vote-of-confidence in the company and the region, it said.
John Morley, CEO of Legacie Developments, said: “This is the start of an exciting new partnership with one of the UK’s most respected institutional property lenders.
“ICG’s investment will help us bring new life to an important part of a key Salford regeneration zone – unlocking jobs, training opportunities and local economic growth. Having the support of such a leading funder is also a major vote of confidence in Legacie and the wider region.”
He added: “I’d also like to thank Salford City Council who have proactively worked alongside our team to get the project to this point. I’m looking forward to pressing full steam ahead to deliver hundreds of quality new homes for Salford. This is a significant moment for Legacie Developments.”
Jai Patel, managing director at ICG Real Estate, said: “We are pleased to be supporting Legacie with this exciting development in the Greengate district of Salford.
“Manchester’s economic growth and strong employment market has led to the continuing need for city centre residential. We look forward to working with John and the Legacie team, who are established developers in the North West, to deliver a high quality scheme for the city.”
Michael Gledhill, managing director of RWinvest, said: “We have seen huge demand for Embankment Exchange and it is great to be working alongside Legacie again, a developer with an impressive track record of delivery. It is a fantastic scheme, and its popularity reinforces the fact that Salford is considered one of the best UK property investment hotspots, with strong capital growth and impressive rental yields.”
Legacie Developments is currently delivering more than 2,000 residential units across the UK. Embankment Exchange is the company’s second scheme in Manchester.
The Greengate site, previously known as The Residence, was placed into administration by the Elliot Group in March 2020. Legacie Developments secured a deal with administrators to relaunch the scheme after buying the site in February this year.
