Published: January 4, 2024

Select Property secures £44.5m development finance from Close Brothers

Written by Amber Furr
Press release – Lancaster Wharf Close Brothers financing
Overview
  • Developer, operator and investment specialist secures £44.5 million development finance to support first build-to-rent property in Birmingham
  • Affinity Living Lancaster Wharf will provide 266 high-quality, resident-centric rental apartments in the city centre
  • The development finance from Close Brothers comes as Select Property announces the selling out of the development’s apartments to investors.

 

Select Property, a leading developer, operator and investment specialist, has secured a £44.5 million development finance facility from Close Brothers to bring forward its first Affinity Living build-to-rent development in Birmingham.


The leading UK merchant banking group has provided the facility to support Select Property as it ramps up development of its new 266-unit property, Affinity Living Lancaster Wharf.


Due to complete in Q3 2025, the build-to-rent specialist has already sold out Lancaster Wharf’s apartments to investors, securing £77 million in sales.


Located just a 10-minute walk from Snow Hill Station and Colmore Row, it is Select Property’s first Affinity Living residence in Birmingham, having established a strong reputation across its four existing properties in Manchester.


Its ethos focuses on providing high-quality, community-led and resident-centric homes in the heart of some of the UK’s most vibrant regional cities. In a recent survey of its 1,300 residents across its four Affinity Living properties in Manchester, 75% said they would choose to stay at Affinity Living when their tenancy came to an end, showcasing the strength of the brand’s offering.


Close Brothers has supported Select Property on a number of projects over the last decade, including Affinity Living Riverside and Riverview in Manchester.


Adam Price, CEO at Select Property, said: “We are very proud of the Affinity Living experience that we have created and developed in Manchester city centre. Given its success, we knew it was the right time to bring our proposition to new markets and Birmingham was the perfect place to do so given the continued growth of its young professional population.


“Our new property at Lancaster Wharf will provide best-in-class rental homes in an unrivalled location with community at its heart, so we have no doubt that resident demand will mirror the demand we have seen from investors for this development.


“Close Brothers has been an invaluable partner to us in this project, working quickly to provide us with the support we need to see the development through to completion.”


Simon Powell, Director at Close Brothers, added: “We have worked with Select Property for many years and have forged a strong relationship with their highly experienced team, and are delighted to be supporting them on yet another fantastic scheme. Situated within an area of major regeneration, Lancaster Wharf will provide much-needed, high-quality apartments for the rental market that will complement the ongoing improvements in the wider area.


“We have supported housebuilders and developers for over 40 years and look forward to continuing to do so over the coming years with experienced partners like Select Property.”

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