NatWest has provided a £21.3 million development finance facility for Cheyne Impact Real Estate’s project in Oldham Road, Manchester.
The development, which is due to top out this month, will be mixed tenure with 35% of the 144 homes allocated to local key workers at a significant discount to market-rate rent. In keeping with all of Cheyne Impact Real Estate’s projects, the accommodation will be ‘tenure blind’ with no difference in specification or service between the homes offered at discounted rent and those at full market rate.
Following acquisition, Cheyne substantially reconfigured the development, lifting the average EPC rating to B, upgrading the specification, and converting space previously designated as commercial into communal work, entertainment and relaxation spaces for residents.
Laurus Property Partners advised Cheyne on the financing of the scheme.
