Heaton Group, a family-run development company, has successfully secured a £45.1 million development finance package from Maslow Capital. This funding will support the construction of a luxury residential block in Salford, contributing to a larger development known as Berkeley Square.
The project, which is set to include 250 units of one, two, and three-bedroom apartments, is part of the broader Berkeley Square development that will total 500 units, executed in two phases. Strategically located between Manchester City Centre and MediaCity, the building will feature amenities such as rooftop gardens, co-working spaces, an on-site café, and concierge services.
Aiming for an EPC rating of B, the development will incorporate sustainable features like PV panels on the roof, recycled aggregates in construction, and low or zero-carbon technologies. To further encourage sustainable transport, the project will include 568 bike parking spaces and electric vehicle charging points.
Completion of the project is expected in 2026.
John Heaton, managing director of Heaton Group, expressed his enthusiasm about the collaboration with Maslow Capital:
“We are delighted to be working with Maslow at Berkeley Square, which forms part of our existing living sector pipeline. For us, Maslow has a proven track record of financing complex transactions, particularly in the north of England, making them an ideal partner for this project. With financing secured, Berkeley Square is set to become a landmark development, offering high-quality living spaces that cater to the needs of Salford’s residents. The project will blend the convenience of city living with the benefits of green space to foster a strong community among residents.”
Sky Mapson, senior director of development origination at Maslow Capital, highlighted the significance of the project:
“Berkeley Square represents a fantastic opportunity to contribute to the thriving residential market in Salford. Maslow Capital has a long history of successfully backing high-quality developments, and Heaton Group’s professionalism and experience give us great confidence in the project’s success. We are proud to be part of this significant addition to Greater Manchester’s housing landscape.”
The deal was facilitated by Pilcher Capital Partners, with chief executive Simon Pilcher emphasizing their role:
“This transaction forms part of a substantial pipeline of projects within the living sector, in which Pilcher strives to provide granular sector understanding, married to best-in-class deal execution.”
Berkeley Square is poised to become a prominent residential development, combining modern living amenities with sustainable practices, and enhancing the housing landscape in Greater Manchester.
