Liverpool developer Legacie secures £40m investment towards cost of £85m residential tower. Tony McDonough reports
Legacie Developments has secured a £40m cash injection that will be used to deliver an £85m residential development in Salford.
ICG Real Estate is investing the money with Legacie for its Embankment Exchange scheme. Located in Greengate, the 36-storey development comprises 300 apartments, a spa, gym, residents lounge and bar and work-from-home booths.
It is being promoted to buyers by Liverpool-based international sales agent, RWinvest. Already 80% of the apartments have been sold off-plan. This is ICG’s first major deal with Legacie.
John Morley, chief executive of Legacie Developments, said: “This is the start of an exciting new partnership with one of the UK’s most respected institutional property lenders.
“ICG’s investment will help us bring new life to an important part of a key Salford regeneration zone – unlocking jobs, training opportunities and local economic growth. Having the support of such a leading funder is also a major vote of confidence in Legacie and the wider region.
“I’d also like to thank Salford City Council who have proactively worked alongside our team to get the project to this point.”
Legacie has delivered a number of projects in Liverpool over the past few years. It has completed the first phase of its £90m Parliament Square scheme in the Baltic Triangle and recently unveiled the rooftop spa.
Jai Patel, managing director at ICG Real Estate, added: “Manchester’s economic growth and strong employment market has led to the continuing need for city centre residential. We look forward to working with John and the Legacie team, who are established developers in the North West.”
Legacie is currently delivering more than 2,000 residential units across the UK. Embankment Exchange is the company’s second scheme in Manchester. It recently appointed prominent Conservative Peer Lord Stuart Polak as an adviser.
Michael Gledhill, managing director of RWinvest, also said: “We have seen huge demand for Embankment Exchange and it is great to be working alongside Legacie again, a developer with an impressive track record of delivery.”