Inspired Asset Management has secured a £17m development finance loan from UBS Asset Management for its first scheme in the north of England.
The loan will help fund the development of Fabrick, Inspired’s 184-unit residential scheme in Greater Manchester, which has a gross development value of £28m.
Inspired plans to convert Sim Chem House, a six-storey 1960s office building in Cheadle Hulme, a suburb of Stockport.
“We only completed on the scheme in February, so to get funding so early on highlights the confidence in our proposals and the location,” said Inspired chief executive Martin Skinner. “Manchester has attracted a lot of attention from those looking outside the capital. Despite recent growth, prices are still below their 2008 peak.”
More than 30 apartments have already been reserved, with prices starting at £130,000 for a one-bedroom micro-apartment. Construction is expected to begin this summer.
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