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£100m loan provided for Manchester development

ICG Real Estate has provided a £100m loan to Salboy Limited to fund the development of a 556 build-to-sell residential scheme in Manchester’s ‘Green Quarter’ district.  

Located on the former Boddington Brewery directly opposite Manchester Arena and Manchester Victoria station, upon completion Waterhouse Gardens will provide a community of high spec apartments, duplex and penthouses.

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.” 

Residents will have access to a private clubhouse offering high end amenities and services including a swimming pool, squash and basketball courts and a private cinema. The asset will be complemented by 30,000 sq ft of commercial space which will be home to boutique traders, independent restaurants and bars together with some office space.

Construction of the scheme has started with completion expected in 2026. 

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