Residential property developer Progressive Living has secured £8.26m of funding to support the construction of North Central, a 64-unit residential development with ground floor retail and basement parking in Manchester’s NOMA area.
North Central, which is scheduled for completion in November 2018, will offer one and two bedroom apartments with the option of balcony areas and parking. The nine-storey building is the latest in a series of developments in the same area as the Co-operative Group’s NOMA scheme, which has seen over £800m pumped into the regeneration of the area.
Progressive Living approached Assetz Property with the planning in place for North Central and was seeking an exit strategy, as well as funding to support the development. The property team pre-sold the apartments in a matter of weeks, and based on these sales, Assetz Capital was able to lend 100 per cent of the development costs.
Set up by Peter Forster, Ansar Mahmood and David Fairclough, Progressive Living is a residential developer based in Peter St, Manchester. The company is committed to producing high quality living spaces in attractive sustainable schemes with creative design, the highest quality materials, space maximising interiors and attention to detail.
Assetz Capital launched in 2013 as an alternative finance provider and offers development finance, SME loans, commercial mortgages, bridging finance and renewable energy loans.
David Fairclough, Director at Progressive Living, said: “we are delighted to work with Assetz on this project it seemed to make so much sense combining the sales and funding elements. We now look forward to completing the development, delivering much needed housing and contributing to the regeneration of the NOMA District.”
Neil Roper, Regional Relationship Director at Assetz Capital, said: “This new development is a fantastic opportunity for Progressive Living. We are proud to support the business with the funding required to get the project of the ground and once again spring life in to Manchester’s NOMA regeneration area.”
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