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Octopus Real Estate provides £8.52 million commercial development refinance facility

30 Jul 2019 By Octopus Real Estate

Octopus Real Estate, part of the Octopus Group and leading UK specialist real estate investor, has agreed to provide Manchester Quays with an £8.52 million refinance facility on its latest commercial development scheme at Enterprise City in Manchester City Centre. Manchester Quays is part of Allied London, an experienced UK property development company led by Michael Ingall.

The scheme forms part of Enterprise City in St John’s, a major 13.5-acre development which will deliver a media, tech and creative cluster on the former site of ITV Granada Studios.

The two adjacent sites are part of the second phase of commercial development with planning consent already granted for 86,600 sq ft.

Manchester City Council and Allied London originally created a partnership to redevelop the site which Allied London now control.  

The 18-month loan is secured against two adjacent sites, part of a 950,000 sq ft second phase of Enterprise City. Due for practical completion in 2021, one site has planning consent for an 86,600 sq ft office building with a basement, ground and eight upper floors. Manchester Quays is seeking amended planning consent for the second site, to change it from a 287-unit residential tower and 110-key hotel, to a 350,000 sq ft office and leisure tower.

Enterprise City is within a prime, high profile location on the west side of Manchester City Centre. It forms part of a 13.5-acre development known as St John’s – a media, tech and creative cluster, delivered on the former site of ITV Granada Studios.

Michael Ingall – founder of Enterprise City, Manchester Quays and CEO of Allied London, was named Developer of the Decade in 2000 by Property Week and was ranked in the Sunday Times Debretts top 500 most influential people.  Michael commented: “This is good business for us, Octopus Real Estate is providing finance which enables flexibility as to how and when we secure longer term development finance on this important next phase of Enterprise City. I am confident this will form the basis for future financial partnerships going forward.”

Jonathan Monnickendam of Development Debt Consultancy Ltd acted as the advisor on behalf of the borrower.

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