Octopus Real Estate provides £8.5m refinance facility for commercial development at Enterprise City, Manchester
- 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.
- 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.
Octopus Real Estate, part of the Octopus Group and leading UK specialist real estate investor, has agreed to provide Manchester Quays with a £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 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.
Ludo Mackenzie, Head of Commercial at Octopus Real Estate, commented:
“This is the first time we’ve worked with Allied London and it’s an exciting scheme to be involved in. It’s located near Spinningfields, one of Europe’s leading urban development projects also developed by Allied London. This scheme will create great opportunities for businesses needing high quality office space in the heart of a Northern Powerhouse.”
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.
“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.
For journalists in their professional capacity only. Personal opinions may change and should not be seen as advice or a recommendation. We do not offer investment or tax advice. Issued by Octopus Real Estate. Octopus Real Estate is the trading name of Octopus Property Lending Ltd (Reg No 7531926), Bridgeco Ltd (Reg No 6629989), Fern Trading Ltd (Reg No 6447318), Nino Ltd (Reg No 9015082), Octopus Healthcare Adviser Ltd (Reg 09082100), Octopus Healthcare Development Ltd (Reg No 03788979) and Octopus Co-Lend Limited (Reg No 8913299), all registered in England & Wales at: 33 Holborn, London, EC1N 2HT, and Dragonfly Finance S.ar.l. (Reg No B189290) registered in Luxembourg at: Parc d’Activité Syrdall, 6 rue Gabriel Lippmann, L-5365 Munsbach, Luxembourg. Octopus Co-Lend Ltd, Octopus Healthcare Adviser Ltd and Octopus Property Lending Ltd are authorised and regulated by the Financial Conduct Authority. Issued July 2019.