IPG secures £10m development loan for The Lyceum - BE News

Integritas Property Group (IPG) has secured a £10m development loan from Maslow capital to fund the next stage of the company’s residential development at The Lyceum in Eccles, Greater Manchester.

The North West-based ethical property developer took over The Lyceum development in 2020 after the previous developer went into administration, establishing the Lyceum Investors Group to protect investors’ interests and ensure the site’s completion.  

All of the 82 residential units at the Grade II-listed landmark building have been purchased leasehold after they were released for investment in February 2023. The expected completion date of the first units is Q1 2024.

Mitchell Walsh, managing director of IPG, said: “Securing this loan marks the next step in turning what could have been a disaster into a positive situation with this development. As we took this project over from another developer that had entered administration, there has been additional legal challenges to secure this loan.

“We are delighted to have overcome these challenges – this loan facility now enables us to swiftly continue construction and make progress towards completing the development on budget and on time in Q1 of 2024. IPG has a long-standing aim to become a beacon in the development community, with a solid track record of completed projects. This loan from Maslow Capital will enable IPG to take the next step towards another successfully completed project.”

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