X1 developments secures £69m loan for luxury Salford Quays scheme
Luxury residential developer X1 Developments has secured a £69m development loan from London Wall Lending to support the delivery of the first phase of its 1,314 home Michigan Towers scheme in Salford Quays.
The 36-month loan facility will support the ground-up construction of a 34-storey tower comprising 394 high-quality residential units. The property, which will be built by Vermont Construction, is expected to be ready for occupation in October 2026.
Once complete, the property – which has already been acquired by asset management group Starlight Investments – will form a part of X1 Developments’ wider masterplan for Salford Quays. This will see the delivery of three further towers over the next 7 years, including an as-yet unnamed 46-storey building that is set to be Media City’s tallest.
Michigan Towers is a key feature of Salford City Council’s updated regeneration framework for Media City, which outlines plans for the delivery of 3,000 homes and 800,000 sq ft of commercial space.
The move represents London Wall’s latest investment in the area, following its successful funding of Bricks Group’s 457-bedroom Discovery Quay development off King William Street. The deal was brokered by Charles Louis Mortgage Advisors and valued by Knight Frank, with Burges Salmon providing finding-side legal support.
Ned El-Imad, Partner at London Wall, said: “Salford’s regeneration over recent decades has been well-charted, characterised by patient investment in forward-thinking schemes that have bought new life to the Quays and the surrounding area.
“With Media City UK continuing to cement itself as one of the region’s most desirable postcodes, it’s important that the development pipeline can match growing demand. X1 has a strong track record in delivering high-quality, aspirational residential developments, and we have no doubt that its Michigan scheme will be a welcome and necessary addition to the area’s skyline.”
Nick Sweeney, CEO at X1 Developments, said: “Manchester and Salford have both acted as a blueprint for city centre living in the UK, with demand continuing to soar for residential development as the region continues to go from strength to strength.
“Our plans for Media City have been long in the making, and with the backing of London Wall we look forward to progressing our vision for the area in the years to come.”
London Wall Lending is an alternative lender, specialising in development loans across the real estate sector. Part of the London Wall Group, the firm is backed by multiple high net worth individuals, syndication partners and institutional investors, and has provided over £650 million in funding to date. The business recently launched a listed £300m bond in a move to expand its investor base.
