IPG bags £10m to get Eccles project going - Place North West

Maslow Capital has provided Integritas Property Group with an eight-figure loan to convert the town’s former Crown Theatre into 82 flats.

Work on the long-awaited Lyceum project can now get underway thanks to the £10m development loan, with Abrey Construction lined up as main contractor.

Enabling work has already been carried out and IPG expects the first apartments to complete early next year.

Mitchell Walsh, managing director of IPG, said the loan marks the next step in turning “what could have been a disaster into a positive situation”.

IPG took over development in 2021, establishing the Lyceum Investors Group after the previous developer, Lyceum Manchester, went into administration.

Lyceum Manchester was owned by Goodwins Construction Services Group, which itself appointed administrators in November 2020.  

The investors acquired the site out of administration for around £1m, safeguarding around £2m of deposits.

“As we took this project over from another developer that had entered administration, there have been additional legal challenges to secure this loan,” Walsh said.

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