One Heritage Group has received a £22.55m loan from Trafford Council to fund its One Victoria residential scheme in Manchester city centre.
The Great Ducie Street scheme, which has a gross development value of £40m, will offer 129 apartments across two towers with retail units on the ground floor and a communal roof terrace on the 10th floor.
Cllr Liz Patel, Trafford Council’s executive member for economy and regeneration, said: “This scheme is an important investment opportunity for us, supporting regeneration in Greater Manchester and providing an investment return for Trafford Council. These returns will go on to support services and regeneration activity within the borough. We look forward to seeing the scheme progress.”
Andrew Antoniades, head of lending in CBRE’s capital advisors team, which advised Trafford Council on the deal, added: “Trafford Council’s funding of this scheme is a crucial investment in Manchester, which is tipped to experience strong population growth in the next decade and has the largest proportion of households in the private rented sector, outside of London.
“The development’s proximity to the cultural and retail hub of Manchester, the quality of the specification and its strong ESG credentials will be well received by the market and we’re really pleased to have arranged the funding for the development, on behalf of Trafford, which will provide much needed housing as well as a promising return on investment at a conservative leverage, in line with the Trafford investment strategy.”
Torsion Group has been appointed as the contractor on the scheme, which is expected to complete in 2025. Freeths LLP acted on the legal due diligence for Trafford Council and Dalbergia LLP has been retained to monitor the scheme on its behalf.
