£22.55m funding agreed for Manchester development

Funding of £22.55m has been agreed to bring forward a pair of residential towers in Manchester city centre.Trafford Council has provided a loan to One Heritage Group to fund its latest residential scheme.One Victoria, on Great Ducie Street by Victoria Station, will comprise 129 apartments across two towers with retail amenity on the ground floor.The scheme will offer a communal roof terrace on the tenth floor, with views across Manchester and the Pennines, and will be carefully curated to enhance biodiversity throughout the year.The development will have a focus on ESG, with each parking space to be fitted with an electric charging point, cycle storage provision, PVs installed on the roof of both towers as well as water saving appliances, smart radiators and energy saving lighting in every apartment.The scheme has a gross development value of £40m and completion is expected in 2025. Torsion Group has been appointed as the contractor.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.”Trafford Council is advised by CBRE’s Lending team within its Capital Advisors business.Andrew Antoniades, head of lending in CBRE’s Capital Advisors team, said: “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.”Freeths LLP acted on the legal due diligence for Trafford while Dalbergia LLP is retained to monitor the scheme on their behalf.