£10m loan will fund next phase of work at The Lyceum residential scheme - The Business Desk

Maslow Capital has awarded a £10m development loan to Liverpool-based ethical property developer, Integritas Property Group, to fund the next stage of its residential development at The Lyceum, Greater Manchester.

Following completion of groundworks and foundations, the loan will provide working capital for the next phase of the high-end development situated in Eccles.

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 the first quarter of 2024.

IPG took over The Lyceum, Greater Manchester 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 as planned.

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

Mr Walsh 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. 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.”

He added: “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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