Octopus Real Estate, part of the Octopus Group and a leading UK real estate lender and investor, has a $ 10 million loan. The lender provided both the property loan and a VAT loan for the purchase.

The former mill in Deansgate is the last prime development site in central Manchester to be fully licensed. At 35 stories it will be one of the tallest buildings in the city and will offer sweeping views over the city center and across Lancashire.

Developers, Empire Property Concepts, intend to begin development in the second quarter of 2022 and include commercial space on the ground floor and first floor, a gym for residents, a rooftop bar and terrace, communal lounges and a coffee shop.

Dominic Gibson, Investment Director, Octopus Real Estate commented, “This is an extremely well located location that benefits from a good building permit. It will support the provision of new housing stocks in an established and important urban center with strong connections to local public transport. We are pleased to have assisted Empire Property Concepts, a proven investor developer, in the acquisition of the asset and believe that the finished project will generate strong demand.

“After opening our Manchester office in 2019, we have significantly improved our support for regional property investments. The completion of this loan, introduced by Manchester-based consultants Adapt Finance, shows Octopus Real Estate’s commitment to Manchester and the UK regional cities. “

Jordan McBriar, Managing Director, Adapt Finance, commented, “We have worked with Octopus Real Estate for over a decade. We had absolutely no hesitation in reaching out to them with this funding requirement. The acquisition timeline was tight and our client needed absolute confidence that their investment would be funded without delay. The Octopus team removed any uncertainty from the process and delivered exactly what it promised. This service not only supports our customers, but also Adapt Finance’s business, as security is crucial in any financing. “

Paul Rothwell, CEO of Empire Property Concepts, commented, “Adapt Finance has worked tirelessly to put together the best possible financing package to support our purchase of this key Deansgate location. They identified Octopus Real Estate as the most suitable for the loan and were absolutely spot on. Octopus funded both the acquisition and VAT for the deal, eliminating the hassle of having multiple lenders. They were quick, commercial and easy to use and I look forward to working with them on our future investments. “

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