Farleys Solicitors have helped a residential development scheme in Greater Manchester take a major step forward by assisting the developer, Integritas Property Group, with its development finance.
IPG, led by Mitchell Walsh, purchased The Lyceum in Eccles in 2020 after the previous developer entered administration, establishing The Lyceum Investor’s Group to protect investors’ interests and enable the development to go ahead as intended.
The building will comprise 84 apartments and some retail space within a stunning Grade II listed façade which is being painstakingly restored in line with the high expectations of English Heritage. It originally opened as The Old Palace Theatre in 1899, later becoming a cinema in 1932 and a bingo hall in 1963, before falling into disrepair internally in the late 1980s.
The £10m development finance loan from Maslow Capital will enable IPG to complete the development and will be welcome news to investors in the project who had been through a tough time after the insolvency of the previous developer.
Farleys’ partner Stephen Greenwood led the team undertaking the property work and was assisted in corporate aspects by Jodi Oosthuizen from Farleys’ corporate team.
I’m delighted that IPG have secured this facility with the assistance of Maslow. The dedication and ambition shown by IPG for this project will save investors from further worry and uncertainty and turn a derelict building into an asset to the area.
IPG specialises in new-builds and refurbishments in the residential sector and plans to complete more than 1,000 homes in the North West across the next few years.
Current developments include Bastion Point in Vauxhall, Liverpool, comprising 240 one- and two-bedroom apartments, Cavendish Waters in Liverpool, comprising 70 luxury apartments, and Copper Box in Crosby, North Liverpool, which includes 27 apartments across six floors.