Soller Group receives over £1m to buy former Manchester bank for transformation

Together has provided a short-term loan of over £1m to development company Soller Group for the transformation of a former bank in Manchester into residential accommodation.

Soller Group used the funding to purchase the old Barclays building in Oxford Road; a three-storey office block in the centre of Manchester’s innovation district.

The building had planning consent under permitted development rights for 10 flats and, following discussions with the council, the existing scheme was improved through the creation of additional apartments.

Together was approached by the property group to deliver the initial finance and, after considering the application, the specialist lender agreed to provide a bridging loan for the purchase of the 5,017 sq ft commercial property.

The building includes a former banking hall on the ground floor, open-plan offices on the first two floors, a mezzanine, basement and parking.

“This building is in a prime location and, when we were made aware that it could be acquired, we took the opportunity,” said Nick Treadaway, CEO at Soller Group.

Nick claimed that there had already been a “great deal of interest” from prospective tenants, including an overseas student accommodation provider.

Chris Baguley, commercial managing director at Together (pictured above, right), commented: “We’ve previously joined Soller as their finance partner for major projects in Birmingham, Glasgow and London and know their pedigree and ambitions when it comes to acquiring and developing property with huge potential.”

Also pictured: Alex Garland, corporate relationship director at Together

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