ICG Real Estate has provided a £100m loan to Salboy to fund the development of a 556-home build-to-sell residential scheme in Manchester’s ‘Green Quarter’ district.
The Waterhouse Gardens scheme will be built on the site of the former Boddington Brewery directly opposite Manchester Arena and Manchester Victoria station.
On-site amenities will include a private clubhouse featuring a swimming pool, squash and basketball courts and a cinema. The scheme will also provide 30,000 sq ft of retail, F&B and office space.
Jai Patel, managing director of ICG Real Estate, said: “This transaction offered us the opportunity to back a proven residential developer in a local market that they know incredibly well, in a sector where we have a long held conviction. Manchester’s local economy continues to offer great opportunities to its residents in terms of jobs, leisure and education and is a city we favour, with this being the second development deal we have agreed in the city in the past 18 months.
“We remain keen to focus our attention on significant transactions in the living space which align with our deep conviction calls and continue to be supported by strong underlying fundamentals.”
Simon Ismail, managing director of Salboy, added: “We are delighted to partner with ICG Real Estate as work gets underway at Waterhouse Gardens, one of the largest and last-remaining regeneration sites in the UK’s fastest growing city. By 2026 this scheme will deliver sought after city centre living for many of the thousands of students and young professionals that choose to stay in, relocate or return to Manchester every year to launch and progress their careers.”
Construction of the scheme has commenced and completion is scheduled for 2026.
