Member Article

Developers secure £45m funding facility for 125 Deansgate

One of Manchester’s marquee commercial office developments has secured a £45m funding facility that will enable construction to get underway imminently.

Worthington Properties, the developers behind 125 Deansgate, have secured a clubbed facility provided by local authority pension fund the North West Evergreen Fund and the Growing Places Fund, advised by CBRE’s Investment Advisory team.

The three-year funding facility will now mean that construction on the 113,500 sq ft development can begin early this year ahead of its summer 2019 completion date.

Russ Worthington, director of Worthington Properties, said: “Manchester continues to prove itself as a world class destination to do business and 125 Deansgate, when complete in 2019, will provide businesses with a great place to operate within.

“Securing the funding is testament to the quality of the proposals at 125 Deansgate along with the high profile location of the scheme. These investors are incredibly astute and have to be confident the development would provide a return for them.

“They would have not provided the facility if they didn’t see the value in the development and we’re proud to be working in partnership with them on this. This funding will mean we are able to progress with speculatively developing the building.”

Savills and Knight Frank have been instructed as agents for the development.