NatWest supports 19-storey Lightbox scheme with £28.6m funding

The 238-home Lightbox scheme at MediaCityUK has received multi-million pound backing from NatWest.

The project to create a 19-storey residential block overlooking the Manchester Ship Canal was supported with a £28.6m finance package from NatWest, along with a further £8.2m from the Greater Manchester Housing Fund.

Lightbox is part of phase two of a wider £1bn development programme that will deliver 540,000 sq ft of offices, 1,800 apartments and new retail and leisure space at MediaCityUK.

Stephen Wild, managing director at MediaCityUK, a joint venture between Peel Media and Legal & General Capital, said: “This is an important step towards bringing Lightbox to MediaCityUK which has already proven to be a popular development since we took it to market in May 2016.

“Our plans to double in size over the next 10 years include more hotels, bars and restaurants, as well as an increased focus on high quality places to live, so Lightbox will bring an exciting, luxury dimension to the diverse residential offering here.”

Heath Thomas, NatWest’s head of real estate finance for the North West, commented: “MediaCityUK is creating a fantastic development which will enhance the local area and it is already attracting interest from potential investors and homebuyers.

“We look forward to working with MediaCityUK to deliver its future business growth aspirations.”

Construction will begin at the end of this month, with completion due in Q1 2019.

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