Leading property developer, operator and investment specialist Select Property, has secured a £128.5 million development finance deal to bring forward its landmark One Port Street residence in the heart of Manchester’s vibrant Northern Quarter.
Maslow Capital, a specialist finance provider with a proven track record of funding large-scale developments, has provided the new finance as groundwork on the development nears completion.
The funding follows the initial success of the development, with Select Property selling £135 million of apartments at the residence since February.
One Port Street represents the first residence under Select Property’s new flagship brand, the Prestige Collection, which aims to redefine city centre living through its focus on luxury amenities and resident experience. The development will bring 477 premium apartments to the city on its completion in 2025. Select Property expects the development to create at least 59 jobs and an estimated economic impact of £29.07 million to the city once completed.
The deal marks the second occasion Maslow Capital has supported Select Property, having previously funded the development of CitySuites II.
Adam Price, CEO of Select Property, said: “Significant appetite from investors and funders alike is testament to the strength of the opportunity promised by One Port Street, and to our team’s track record of developing and operating successful residences in Manchester.
“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.”
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.”
One Port Street aims to redefine and set new standards for luxury city-centre living. Its grand lobby will be reminiscent of a hotel, centred around a 360° firepit with concierge service, ensuring a warm welcome for all. There will also be a 2,000 sq ft leisure suite featuring a private swimming pool and spa pool, a state-of-the-art gym and separate fitness studio. Residents can also enjoy a 7th floor rooftop terrace and resident lounge overlooking the city, with casual space for working, relaxing and socialising.
Significant planting at the development will also create over 22,000 sq ft of public green space, helping to integrate communities and to create a better connection between the Northern Quarter, Ancoats and Piccadilly – as well as promoting greener travel with EV charging points and cycle storage.
For more information, discover One Port Street.