How I Underwrote a £260M Residential Tower in Manchester, UK

I underwrote a £260M tower in Manchester.

Planning is approved. The site is live.

- 542 residential units across 55 storeys
- Greengate, Salford - active regeneration zone
- Senior debt in discussion with Lloyds (£107M)
- £36.5M mezz raise
- Team: 30+ years residential delivery
- BTR rents: £1,229–£2,280/mo across unit types

To fund deals like this, I ask 4 questions:

1) What stage of risk are we in?

- Full planning permission secured
- Architects appointed, site clearance done
- Legal exchange on the land completed
- Senior lender (Lloyds) in active discussion

This isn't a napkin idea. The planning battle is won, and a Tier 1 bank is at the table.

2) What makes the location work?

- Greengate is an active regeneration zone
- Salford vacancy is low, with rents rising
- MediaCityUK, Salford Quays, and UoM nearby
- Transport links to Manchester Airport

3) How is downside protected?

- Debenture over the development company's assets
- Exit paths: refinance, unit sales, institutional
- Mezz sized to 75% LTGDV

4) Can we control the exit?

- Option A: forward sale to institutional buyer
- Option B: refinance into a stabilised hold
- Option C: sell premium top-floor units

The BTR market in Manchester is deep. There is a clear buyer pool at every exit.

My verdict:

- Strong fit for private credit
- Strong fit for family offices
- Medium fit for institutions

Manchester BTR is one of the most liquid residential markets outside London.

If you allocate to real assets, let's connect 👋🏼