525-home development in Salford backed by niche bank Cambridge & Counties

Cambridge & Counties, the niche property bank, has announced its biggest bridging loan to date after assisting in the purchase of a Salford redevelopment site.

The land, located on Regent Road, has planning consent for a £130m mixed-use project comprising 525 townhouses and apartments across four tower blocks, the tallest of which would rise to 26 storeys.

Cambridge & Counties’ facility took six weeks to drawdown, following the initial meeting.

Developer and investor Leo Property Group, the new owner of the freehold, is now looking to either sell the site or enter a joint venture to bring its development vision to fruition.

In addition to the hundreds of new homes, the plans feature a private sky garden, coffee shop, residents’ lounge, gym and landscaped recreation areas.

The Regent Road scheme would also create 165 bicycle parking spaces.

Leo Property Group MD Paul Jagota said: “We have worked for some time now with Cambridge & Counties and find them to be highly efficient and pragmatic in what is still a difficult property market.

“They are always willing to ‘think outside of the box’ and can work to exceptionally tight deadlines. I hope that this is one of many more deals to come.”

Cambridge & Counties’ director of business development for the North and Scotland, Carl Ashley, commented: “We are very pleased to have been able to quickly progress this loan to help in the regeneration of a derelict site by such an exciting proposal.

“The development will connect several neighbouring projects that will revitalise the area.”

Cambridge & Counties and Leo were introduced by Keith Miller of advisory firm Miller Associates.

Ian Tempest of Manchester law firm Freeths acted for the borrowers, while the bank was represented by in-house solicitor Anil Kumar. Leo Property Group was represented by Samuel Beilin and Partners.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →