IPG secures £10m loan from Maslow for The Lyceum BTR

Developer IPG secures a £10m development loan from Maslow Capital for The Lyceum Build to Rent scheme in Manchester.

The Lyceum Build to Rent scheme in Manchester. IPG has secured a loan from Maslow Capital to bring forward the next stage of the scheme | BTR News
The Lyceum Build to Rent scheme in Manchester. IPG has secured a loan from Maslow Capital to bring forward the next stage of the scheme.

Northwest based ethical property developer Integritas Property Group (IPG) secures a £10m development loan from Maslow Capital, to fund the next stage of The Lyceum, its Build to Rent scheme in Eccles, Greater Manchester.

Following the completion of groundworks and foundations, the loan will provide working capital for the next phase of the high-end development.  

“Maslow Capital is dedicated to supporting ethical, forward-thinking, and ambitious developers, and IPG fits this profile perfectly.  

“The development plan presented by IPG showcased a strong commitment to preserving the historical elements of the property in Eccles, Manchester, while simultaneously incorporating new construction and sustainable energy elements.”

Sky Mapson, Deal Origination, Maslow Capital

IPG took over The Lyceum development in 2020 after the previous developer went into administration, establishing the Lyceum Investors Group to protect investors’ interest and ensure the site’s completion as planned.  

Managing Director of IPG co-ordinated the sale of the scheme back to the investors with accountancy firm Cowgills, which replaced FRP as Administrator in February 2021. The 82 units have been purchased leasehold after they were released for investment in February 2023, with the first expected completion date set for Q1 2024. 

“Securing this loan marks the next step in turning what could have been a disaster into a positive situation with this development. As we took this project over from another developer that had entered administration, there has been additional legal challenges to secure this loan. 

“We are delighted to have overcome these challenges – this loan facility now enables us to swiftly continue construction and make progress towards completing the development on budget and on time in Q1 of 2024. 

“IPG has a long-standing aim to become a beacon in the development community, with a solid track record of completed projects. This loan from Maslow Capital will enable IPG to take the next step towards another successfully completed project.” 

Mitchell Walsh, Managing Director, IPG

The scheme will deliver a mix of one-, two- and three-bedroom apartments, with some homes offering views across the Peak District and Pennines. The Lyceum will also include contain a small area of retail space. 

The Lyceum, a Grade II historical landmark in the heart of Manchester, is being meticulously restored in line with the high expectations of English Heritage. It originally opened as The Old Palace Theatre in 1899, later becoming a cinema in 1932 and a bingo hall in 1963, before falling into disrepair internally in the late 1980s. 

Bordering Salford Quays, The Lyceum offers residents the unique comfort of a large out-of-town residential apartment but with easy access to Manchester’s city centre.  

“The project’s focus on creating affordable housing and rejuvenating a Grade 2 listed building that had fallen into despair, aligns well with our values of enhancing local communities. 

“We’ve had the pleasure of partnering with many ambitious developers in the Northwest, each of whom brings unique insights and innovative approaches to property development.  

“This diverse development community, combined with the region’s strong growth prospects have created a historical link between Maslow and the Northwest.” 

Rachael Gordon, Head of Deal Execution, Maslow Capital

IPG specialises in new builds and refurbishments in the residential sector. The company plans to complete over 1,000 homes in the Northwest across the next few years.