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Amicus unveils three northern development projects

by: Edward Murray
  • 21/11/2016
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Amicus unveils three northern development projects
Specialist short-term lender Amicus Property Finance has released details of three development projects in Leeds, Sheffield and Manchester.

The lender is funding a part-conversion, part new-build scheme in the Northern Quarter of Leeds city centre. The scheme by Avenir Works features the conversion of an existing office building to 60 apartments, with an adjoining new-build section providing 10 more.

The site has an estimated Gross Development Value (GDV) of £12.2m with a build cost of £7.2m.

The firm is also working on the development of 127 student accommodations in Sheffield. Work at GSD Riverside is due to commence in the first quarter of next year and the estimated GDV is £8.34m with a build cost of around £5m.

The third development sees Amicus Property Finance working on a £1m refinance facility for a residential site in central Manchester.
Last week Amicus opened a new office in Manchester as it aims to increase its presence in the north of England.

Shoaib Bux, divisional director at Amicus Property Finance, said: “The opening of the Manchester office means that we have a strong on the ground base to fund local projects and service clients who are often overlooked by more mainstream lenders. Manchester is the capital of the’Northern Powerhouse’ and a part of the UK that is seeing high levels of growth despite uncertainty surrounding Brexit.

“Our expansion reflects our commitment to providing the highest quality of service to our clients and to our intermediary partners on a localised basis.”

Amicus Property Finance recently applied for a banking license as a means to further develop it proposition and the CEO John Jenkins (pictured) said at the time: “Applying for a banking licence is an important milestone for Amicus as we continue our growth journey. Becoming a bank will ensure we have the resources to grow, adapt and evolve our proposition in the market over the coming years.”

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