Lender backs X1’s 34-storey Salford Quays resi tower
X1 Developments has secured a £69m loan from London Wall Lending to support the delivery of the first phase of its 1,314-home Michigan Towers scheme at Salford Quays in Greater Manchester.
The 36-month loan facility will support the ground-up construction of a 34-storey tower comprising 394 flats.
The new homes will be built by Vermont Construction and have already been acquired by asset management group Starlight Investments. The scheme is expected to be ready for occupation in October 2026.
X1 Developments has secured a £69m loan from London Wall Lending to support the delivery of the first phase of its 1,314-home Michigan Towers scheme at Salford Quays in Greater Manchester.
The 36-month loan facility will support the ground-up construction of a 34-storey tower comprising 394 flats.
The new homes will be built by Vermont Construction and have already been acquired by asset management group Starlight Investments. The scheme is expected to be ready for occupation in October 2026.
Michigan Towers forms part of a wider masterplan for Salford Quays, which is being delivered by X1, featuring a further three residential towers to be built over the next seven years.
The development fits within Salford City Council’s updated regeneration framework for MediaCity, which outlines plans for the delivery of 3,000 homes and 800,000 sq ft of commercial space.
Ned El-Imad, co-founder and partner at London Wall, said: “Salford’s regeneration over recent decades has been well charted, characterised by investment in schemes that have brought new life to the Quays and the surrounding area. With MediaCity continuing to cement itself as one of the region’s most desirable postcodes, it is important that the development pipeline can match growing demand.”
Nick Sweeney, chief executive at X1 Developments, added: “Demand is continuing to soar for residential development as the region continues to go from strength to strength.
“Our plans for MediaCity have been long in the making, and with the backing of London Wall we look forward to progressing our vision for the area in the years to come.”
Photo © X1 Developments
