Zorin Finance has completed a £27m loan for the development of a Grade II 19th century listed mill.
Over a 32-month term, the loan will finance the conversion of the mill into 153 residential units consisting of 57x one-bedroom, 89x two-bedroom and 7x three-bedroom apartments. There will also be residential amenity space including a concierge area, management office and landscaped inner courtyard. On the ground floor there will be a further 10 commercial units, 194 cycle storage spaces and 32 car parking spaces.
The historic textile manufacturing area where the property is located, has experienced significant refurbishment of former mill buildings and major public realm improvements. This growth is set to remain high due to the areas proximity to the thriving city centre of Manchester, providing ease of access to employment opportunities and public transport. There are a range of properties in the area including family homes and apartments, adjacent to independent businesses. The units are expected to appeal to owner occupiers and BTL investors, both overseas and domestic.
Both planning permission and listed building consent is already in place and the borrower will be undertaking the development on a construction management basis. They will use their inhouse expertise to deliver the scheme to a high standard, accentuating the original historic features of the mill and adding quality modern design and appliances. This is not only in line with their previous mill conversion development, but also the demands of the growing target market in Greater Manchester.
Tim Phillips, Lending Director at Zorin Finance said: “It has been an absolute delight working with the borrower on this transaction, and I look forward to strengthening our relationship and seeing the progress of this development over the coming months.”