NatWest finance helps Lightbox to shine
Plans to develop 238 new homes at Manchester’s MediaCityUK have taken a major step forward, following a £28.6m finance deal with NatWest.
The Lightbox residential scheme will comprise one, two and three-bed apartments across a 19-storey building overlooking the Manchester Ship Canal. Peel Media’s plans also include a full concierge service, car parking spaces and bike storage for residents.
The finance deal with NatWest will be supported by a further £8.2m from the Greater Manchester Housing Fund to provide additional mezzanine facilities. Construction is expected to start in spring 2017, and is planned for completion in 2019.
Lightbox is part of plans for phase two of MediaCityUK’s £1bn development programme which will feature 540,000 sq ft of offices, 1,800 apartments and new retail and leisure areas.
MediaCityUK is a joint venture between Peel and Legal and General Capital. Managing Director, Stephen Wild, 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.”
NatWest’s Head of Real Estate Finance, North West England, Heath Thomas, said: “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.”
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