Property Developer Secures £10m Loan For Residential Scheme - Insider Media

A Liverpool-headquartered property developer has landed a £10m development loan from Maslow Capital to fund the next phase of its residential development at a grade II-listed building in Salford.  

Integritas Property Group (IPG) has completed the groundworks and foundations for The Lyceum development in Eccles, which will convert the historical landmark into 82 residential properties.

The building 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.

IPG has completed the groundworks and foundations for the scheme, and will use the new capital for the next phase of the one, two and three-bedroom development.

All 82 units have been purchased leasehold after they were released for investment in February 2023, with the first expected completion date set to be within Q1 of 2024.  

The property group took over The Lyceum in 2020 after its previous developer went into administration.

Mitchell Walsh, managing director of IPG, coordinated the sale of the scheme back to the investors with accountancy firm Cowgills, which replaced FRP as administrator in February 2021.  

He 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."

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