BridgingDevelopment FinanceNews

Amicus confirms work on trio of deals

Specialist short-term lender Amicus Property Finance is working on three new developments in Leeds, Sheffield and Manchester as it looks to significantly expand its presence across the North.

Amicus  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 of a further 19. 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 work on a £1m refinance facility for a residential site in central Manchester. The prime site is part of a number of transactions Amicus is currently working on in the North as it seeks to further expand its development and bridging finance offering.

Shoaib Bux, divisional director at Amicus Property Finance, said: “We’ve seen high levels of interest from the North, particularly from direct clients. Property development is often a complex process and we always look to deliver a solution that actively works with all our stakeholder partners. We build our most successful deals on the bedrock of effective collaboration and strong localised personal relationships.”

With the new Manchester office, Amicus is aiming to significantly expand its presence across the North, citing a strong opportunity to further support local businesses looking to reach the next stage of growth.

Bux: “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.”

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