Developer secures £44m finance facility for 23-storey scheme

Select Property has secured a £44.5m development finance facility to bring forward its already sold-out Lancaster Wharf scheme.

Merchant banking group Close Brothers has provided the facility to support Select Property as it ramps up development of its 266-unit residence after it broke ground this summer with main contractor Torsion.

Located on Princip Street, Lancaster Wharf comprises one and two-bedroom apartments, alongside a gym, rooftop garden, co-working space, open lounge area and garden that will host events for residents.

It’s the first Affinity Living build-to-rent development created by Select Property in Birmingham after building four schemes in Manchester and is due to complete in Q3 2025.

Lancaster Wharf has already sold out to investors, with the firm securing £77m in sales.

Close Brothers has supported Select Property on a number of projects over the last decade, including Affinity Living Riverside and Riverview in Manchester.

Adam Price, CEO at Select Property, said: “We are very proud of the Affinity Living experience that we have created and developed in Manchester city centre. Given its success, we knew it was the right time to bring our proposition to new markets and Birmingham was the perfect place to do so given the continued growth of its young professional population.

“Our new property at Lancaster Wharf will provide best-in-class rental homes in an unrivalled location with community at its heart, so we have no doubt that resident demand will mirror the demand we have seen from investors for this development.

“Close Brothers has been an invaluable partner to us in this project, working quickly to provide us with the support we need to see the development through to completion.”

Simon Powell, Director at Close Brothers, added: “We have worked with Select Property for many years and have forged a strong relationship with their highly experienced team, and are delighted to be supporting them on yet another fantastic scheme. Situated within an area of major regeneration, Lancaster Wharf will provide much-needed, high-quality apartments for the rental market that will complement the ongoing improvements in the wider area.

“We have supported housebuilders and developers for over 40 years and look forward to continuing to do so over the coming years with experienced partners like Select Property.”