Integritas Property Group (IPG) has secured a £10m development loan from Maslow capital to fund the next stage of the company’s residential development at The Lyceum in Eccles, Greater Manchester.
The North West-based ethical property developer took over The Lyceum development in 2020 after the previous developer went into administration, establishing the Lyceum Investors Group to protect investors’ interests and ensure the site’s completion.
All of the 82 residential units at the Grade II-listed landmark building have been purchased leasehold after they were released for investment in February 2023. The expected completion date of the first units is Q1 2024.
Mitchell Walsh, managing director of IPG, said: “Securing this loan marks the next step in turning what could have been a disaster into a positive situation with this development. As we took this project over from another developer that had entered administration, there has been additional legal challenges to secure this loan.
“We are delighted to have overcome these challenges – this loan facility now enables us to swiftly continue construction and make progress towards completing the development on budget and on time in Q1 of 2024. IPG has a long-standing aim to become a beacon in the development community, with a solid track record of completed projects. This loan from Maslow Capital will enable IPG to take the next step towards another successfully completed project.”
Sky Mapson, deal origination at Maslow Capital, added: “Maslow Capital is dedicated to supporting ethical, forward-thinking, and ambitious developers, and IPG fits this profile perfectly. The development plan presented by IPG showcased a strong commitment to preserving the historical elements of the property in Eccles, Manchester, while simultaneously incorporating new construction and sustainable energy elements.
Rachael Gordon, head of deal execution at Maslow Capital, said: “The project’s focus on creating affordable housing and rejuvenating a Grade II-listed building that had fallen into despair, aligns well with our values of enhancing local communities.
“We’ve had the pleasure of partnering with many ambitious developers in the North West, each of whom brings unique insights and innovative approaches to property development. This diverse development community, combined with the region’s strong growth prospects have created a historical link between Maslow and the North West.”
