Legacie bags £20m for Salford Quays scheme
It is the second time Maslow has provided funding for a Legacie Developments’ scheme, having approved £22m for Parliament Square in Liverpool just before the pandemic.
Funder Maslow Capital is providing the Liverpool-based developer with a finance package to deliver the 196-apartment Merchant’s Wharf.
It is the second time Maslow has provided funding for a Legacie Developments’ scheme, having approved £22m for Parliament Square in Liverpool just before the pandemic.
The £20m loan for Merchant’s Wharf will fund the construction of the seven-storey scheme.
Legacie bought the site with planning consent from electrical manufacturer Selectric last year.
A new project team was appointed following Legacie’s acquisition of the site, including Zerum as planning consultant and Falconer Chester Hall as architect.
Under Selectric’s plans, Euan Kellie Property Solutions was the planning consultant and Fletcher Rae was the architect.
Legacie, which uses an off-plan sales model, is on-site with several projects across the North West, including Element the Quarter, a reboot of Primesite’s stalled The Rise scheme in Liverpool.
The company also has a growing pipeline of work having recently acquired two stalled Elliot Group schemes; The Residence in the Greengate area of Salford, and Infinity, a £250m, three-tower residential development on Leeds Street in Liverpool.
“Having the support of the institutionally backed Maslow Capital, is a significant vote of confidence in our work and a huge boost for our future plans,” said John Morley, managing director and founder of Legacie Developments.
“We utilise a proven and successful off-plan sales model and today’s completion demonstrates the effectiveness of this approach when developing residential schemes.”
Ellis Sher, co-founder and chief executive of Maslow Capital, added: “This is another fantastic partnership with Legacie Developments who we have supported across two large scale transactions to date. We are delighted to continue this partnership with the funding of Merchant’s Wharf which is being constructed with both the end-user and investor in mind.”