Select bags £128m for 33-storey Manchester project
Maslow Capital is financing the construction of One Port Street, the developer’s 477-apartment scheme located just outside the Northern Quarter.
Select Property has secured £128.5m of development finance for the Manchester scheme, which is due to complete in 2025.
The deal comes despite volatility in the debt market caused by high interest rates that some experts have predicted could see development slow down.
“Significant appetite from investors and funders alike is testament to the strength of the opportunity promised by One Port Street,” said Adam Price, chief executive of Select Property.
Since sales of the units launched earlier this year, Select says it has sold £135m worth of properties.
“The residence will deliver the very best of city centre living, with luxury amenities and a stunning contemporary design throughout the apartments and communal spaces.
“With Maslow Capital at our side once again, One Port Street will bring forward a new neighbourhood that will connect the Northern Quarter with Ancoats – two of the UK’s most thriving places to live – and will deliver a lasting multi-million-pound boost to the city’s economy.”
Select Property completed the acquisition of the Port Street site from Town Centre Securities for £12.95m last year having secured planning approval at the third time of asking.
Select twice saw the application rejected by Manchester City Council.
However, a reduction in height from 34 to 33 storeys saw the scheme given the green light by planners in July 2022.
Designed by SimpsonHaugh Architects, the development also features an 11-storey block. The shorter element fronts Great Ancoats Street, while the tower portion faces Port Street.
Renaker is the main contractor for the project, which can now continue apace thanks to Maslow’s nine-figure facility.
The deal is the second between Maslow and Select. The companies previously struck a deal for the development of CitySuites II.
Matt Pigram, senior partner at Maslow Capital, said: “One Port Street is an excellent addition to Select Property’s impressive portfolio that sets new benchmarks in residential living.
“This ambitious project reflects Maslow Capital’s unwavering commitment to the UK’s housing sector and to supporting large-scale projects that are critical in addressing the nation’s housing shortage.”