NatWest has provided a £21.3 mln (€24.8 mln) development finance facility for Cheyne Impact Real Estate’s project in Oldham Road, Manchester.
With a topping out ceremony set for later this month, the project will consist of 144 apartments, of which 35% will be allocated to local key workers, such as nurses, teachers and emergency services workers, at discounted rates.
In line with Cheyne’s impact principles of affordable and best-in-class accommodation made available to all, there will be no difference in specification or service between the homes offered at discounted rent and those at full market rate.
The 12-storey development will include one, two and three-bedroom apartments, in addition to work, entertainment and relaxation spaces, ground floor retail facilities, and a 278 m2 roof terrace.
Phil Hooper, head of Real Estate at NatWest said: ‘We are delighted to support Cheyne Impact Real Estate in the delivery of 144 new build-to-rent homes which help to provide much needed UK housing and include homes solely designated for key workers at discounted rent.’
Andrew Wheldon, managing director at Laurus Property Partners, added: ‘The current inflationary pressures and rising interest rates mean that the Build-to-Rent sector is set to play an increasingly central role in the UK housing market. Given that it is key workers who often feel these pressures most acutely, it has been a pleasure to assist Cheyne in its delivery of high quality, affordable homes for key workers in Central Manchester.’
Andrew Sergeant of Cheyne Impact Real Estate commented: ‘We are pleased to be partnering with NatWest on this exciting journey where we aim to demonstrate that high quality, aspirational homes can be provided by impact-led institutional investors at affordable rents.’
Cheyne substantially reconfigured the development, lifting the average EPC rating to B, and converting commercial into communal, entertainment and relaxation spaces for residents.
Laurus Property Partners advised Cheyne on the financing.
