OakNorth Bank Plc has completed a £20.7m loan to Fortis Group to fund its latest Greater Manchester residential scheme.
The Adelphi Wharf scheme on Adelphi Street, Salford, consists of 387 homes – from studios to three bedroom flats – plus two retail units with GIA of 5,920 sq.ft.
All the apartments have been pre-sold to individual buyers with the building due for completion at the end of 2019.
Hemesh Patel, Property Finance Director at OakNorth, commented: “Manchester has established itself as the second most important economic hub in the UK behind London, creating a strong driver of demand for city centre living.
“Property now sells three times as quickly here than in the capital and demand significantly outstrips supply, as evidenced by the fact that Fortis has already pre-sold almost 400 units more than 12 months before doors will be opening.
“The team at Fortis have exceptional knowledge of the city and have successfully completed dozens of projects in the past. We were delighted to be chosen as their partner on this transaction and look forward to working with them on future projects.”
Since 2012 Fortis Group have completed 24 projects nationwide with eight under construction. Fortis say that they target locations which are ‘likely to see high rental demand and house price index increases.’ Underlining the positive prospects for the Greater Manchester market the company currently has around 1,600 residential apartments in Salford.