Amicus's backing for two major projects in the region

A specialist short-term property lender is supporting two significant projects in Yorkshire.

Shoaib Bux, the divisional director at Amicus Property Finance
Shoaib Bux, the divisional director at Amicus Property Finance

Amicus Property Finance has revealed that it is working on new developments in Leeds, Sheffield and Manchester.

The new financing follows the announcement that Amicus has opened an office on Princess Street in Manchester as part of a strategy to significantly expand its presence across the North.

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Amicus Property Finance is funding a part-conversion, part new build scheme in the Northern Quarter of Leeds city centre.

The scheme, by Avenir Works, is set to lead to the conversion of an existing office building to 60 apartments, with an adjoining new build section of a further 19 apartments.

A spokesman said: “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 accommodation units in Sheffield. Work at GSD Riverside is expected to start in the first quarter of next year, and the estimated GDV is £8.34m with a build cost of around £5m. The third development will see Amicus Property Finance work on a £1m refinance facility for a residential site in central Manchester.

A spokesman said: “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, the 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 expand its presence across the North, because it believes there is a “strong opportunity” to support local businesses looking to reach the next stage of growth.

Mr Bux said: “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.”