Press Release
CBRE Lending Provides £127.5m Loan for Landmark Manchester Development
May 7, 2025
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Director
Global real estate advisor, CBRE, has successfully provided a significant loan on behalf of retained lending mandates, to Salboy for the second phase of a £400 million landmark development, St Michael’s, in Manchester.
The £127.5m loan was backed by CBRE-mandated lenders and will support the completion of a tower building over three levels of basement, a ground floor and 43 upper floors. The development will comprise 217 apartments, a 162-bed hotel and over 75,000 sq. ft. of Prime Grade A office space. Salboy in partnership with Relentless Developments will be developing this landmark scheme.
The hotel will operate under the W luxury brand by Marriott International and will become only the third W Hotel in the UK, following London and Edinburgh. The apartments will be branded as W Residences and will mark the first branded residences in the UK outside of London. The project is adjacent to the first phase of St Michael’s, which will see the delivery of a new 10-storey office block, incorporating two ground floor retail/leisure units and a rooftop restaurant with a feature outdoor terrace.
CBRE Lending originated, structured and executed the loan on behalf of its lending partners. This is the latest loan of £4bn of real estate debt provided by CBRE Lending since inception.
We were delighted to have worked on securing a loan from our partners for this pioneering scheme in the heart of Manchester. It typifies a truly mixed-use, future proofed development that will benefit the local community through the provision of leisure, retail, residential and office space.
This is a fantastic new lending partnership for us, which marks the sixth loan we have received from CBRE Lending, through its retained lending programmes. St Michael’s will see the transformation of an underused area at the heart of the city into a new world-class destination for work, rest and play.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, critical infrastructure); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.co.uk.