Member Article

Major new deal over £90million Manchester tower construction completed as Legacie kick-start relaunch

Construction on a £90million residential scheme, which will add a “contemporary Brooklyn style tower” to the Manchester skyline, is restarting next month.

Prominent North-West developer Legacie Developments has secured a deal with administrators to relaunch the development formerly known as ‘The Residence’.

“Legacie Developments has been successful in reaching a deal for this site,” says founder and managing director of Legacie Developments, John Morley.

“I am personally delighted that we have been able to step up and put forward an exciting new vision to create a contemporary, state-of-the-art residential tower.

“It is fantastic to have the support of Salford City Council for our work too and I hope that we will create a development that they and the whole of Manchester can be proud of. We’ve rebranded the site ‘Embankment Exchange’.

“People have compared some of the modern buildings emerging on Manchester’s skyline to those constructed in Brooklyn in recent years. I think Embankment Exchange fits that description - it is going to offer prestigious apartment living with first class amenities.

“Embankment Exchange adds to Legacie’s growing Manchester portfolio which is being supported by our colleagues at RWinvest and Together.”

Legacie says work on the 300-apartment development, which will also include retail and leisure facilities, will start in February.

The work will continue after Legacie secured a multi-million pound short-term loan from Manchester-based specialist lender, Together.

Ritchie Watson, Corporate Lending Director at Together said: “We are delighted to have been brought on board by John Morley to work in partnership with Legacie Developments on the fantastic Embankment Exchange project.

“John brought the initial proposal to us at the end of November and we worked to tight timescales with the Legacie team and their solicitors, liaising with valuers and consultants, to deliver the finance needed for such a large and complex development.

“It’s fantastic to see our funding breathing new life into this scheme, which is now set to be one of the area’s most impressive residential apartment blocks in the region and provide much-needed homes to the ever-expanding Manchester residential market.”

Councillor Mike McCusker, Lead Member for Planning and Sustainable Development at Salford City Council, said: “Legacie Developments have successfully purchased this important development site. That is welcome news.

“The Greengate area of Salford’s city centre has changed dramatically in recent years and is becoming an incredibly popular mixed-use community. The scale and pace of new development has been extraordinary, and I hope this means another large-scale development in Greengate can now get back on track.”

This was posted in Bdaily's Members' News section by Matthew Richardson .