ICG Real Estate, the real estate division of ICG, has provided a €117m loan to Salboy Limited to fund the development of a major 556 build-to-sell residential scheme in Manchester’s ‘Green Quarter’ district.
Waterhouse Gardens is a new apartment complex built on the site of the former Boddington Brewery in Manchester. The location is ideal for easy access to the city's key areas. The apartments, duplexes, and penthouses are high-end with a private clubhouse that includes a swimming pool, squash and basketball courts, and a private cinema. The complex will also have 2,787m2 of commercial space for boutique traders, restaurants, bars, and offices. Construction is underway, and it is expected to be completed by 2026.
Jai Patel, Managing Director of ICG Real Estate, said: “This transaction offered us the opportunity to back a proven residential developer in a local market that they know incredibly well, in a sector where we have a long held conviction. Manchester’s local economy continues to offer great opportunities to its residents in terms of jobs, leisure and education and is a city we favour, with this being the second development deal we have agreed in the city in the past 18 months. We remain keen to focus our attention on significant transactions in the living space which align with our deep conviction calls and continue to be supported by strong underlying fundamentals.”
Simon Ismail, Managing Director of Salboy, added: “We are delighted to partner with ICG Real Estate as work gets underway at Waterhouse Gardens, one of the largest and last-remaining regeneration sites in the UK’s fastest-growing city. By 2026 this scheme will deliver sought-after city-centre living for many of the thousands of students and young professionals that choose to stay in, relocate or return to Manchester every year to launch and progress their careers.”
Image provided by FTI Consulting.
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