The roll out of PRS schemes across Manchester and Salford continues. This deal is believed to be the largest debt package issued by Wellesley Finance, which usually lends between £2m and £20m.
The scale of the deal shows the ever growing confidence which is also reflected in the sales figures already recorded. The scheme will be delivered over multiple phases with the first phase due for completion in 2019.
As more and more PRS schemes are completed, it will be interesting to see how the increased population will effect the dynamic of the City Centre.
Will the areas directly surrounding the developments become mini hubs, with all the required services for the immediate population, or will the City Centre need to further develop. Diversifying from a Centre traditionally set-up to support commuters / visitors, to an area suitable for those making it their permanent home.
McGoff secures £39.9m development finance from peer-to-peer lender