The McGoff Group has secured a funding package for its flagship £75m PRS project in Manchester.
The Altrincham-based firm revealed a £39.9m deal with property specialist Wellesley Finance to help deliver the Downtown scheme, which is the McGoff Group’s first foray into the private rented market.
The funds will support the project’s delivery through a number of phases over four-and-a-half years.
McGoff & Byrne, the group’s contracting arm, will build the project while the its facilities services business will manage the scheme once it is complete.
According to planning documents, construction works were due to start this month, with phase one set to complete in February 2019 and phase two in December 2020.
Once finished, the development will provide 368 apartments alongside communal facilities including a gym, a business centre and a media room.
McGoff Group director Chris McGoff said: “Downtown has already been a huge success.
“Having achieved sales on well over 200 units, it’s great to be able to see the scheme ready to come to life after more than two years in the planning.
“Success has not only been founded on the building’s hotel-style services, great riverside location and proximity to local amenities and transport links, but has also been influenced by our purchaser’s confidence in the McGoff Group’s offering and longevity, which has had a direct positive impact on sales.”
In an interview with Construction News last year, executive director Dave McGoff said the firm planned to build a similar development “in each of the Northern Powerhouse cities”.
“We’ve identified sites in Liverpool, Leeds and Birmingham to look at next. The plan is to get this one started and we’ll very quickly move on to contracting the other sites we’re looking at,” he said.
He added the firm was working with a well-established supply chain to deliver the Downtown project.
Read the full interview
Dave McGoff on building an SME that can challenge some of the industry’s biggest contractors.