Precede Capital Partners has originated a £9.45 million bridge loan, in partnership with LCM Partners, to fund the acquisition of a complex former industrial site in Manchester.
LCM Partners, a leading European private credit manager, has strong ESG credentials that align with Precede’s own purpose-driven approach to lending and B Corp certification.
The site, known as Manox, requires a comprehensive remediation programme to prepare it for development. The financing enables the acquisition of the site, unlocking a housing-led redevelopment whose progress had depended on resolving a multi-party acquisition structure and the site’s environmental legacy.
The Development
The scheme occupies a former dye works site on the banks of the Rochdale Canal, around 1.4 miles north-east of Manchester city centre. Once a remediation strategy, overseen by a specialist contractor, has prepared the site for construction, the project will deliver 296 new homes — from one-bedroom apartments to three-bedroom family houses — across a mix of market and affordable tenures, with the affordable homes already secured for a Registered Provider. It will also include ground-floor commercial space and a community hub for residents.
Bringing the facility to completion required extensive due diligence, including a full analysis of the development and funding requirements of taking the site from remediation through to completion — a level of complexity uncommon for a standard bridge loan. The transaction also involved coordination across multiple counterparties and a complex acquisition structure of two vendors and 14 titles, as well as close working with the regional combined authority, the local council and the remediation contractor.
Backing Complexity, Not Avoiding It
At Precede Capital, we specialise in unlocking the most complex transactions — often those beyond the appetite of other funders in the market.
Manox is representative of the type of transaction Precede Capital continues to deliver for sites with genuine complexity – whether from contamination, fragmented titles, planning or procurement risk – which have left otherwise viable schemes unable to progress.
By structuring financing solutions around that complexity, rather than requiring the complexity to fit our capital, Precede Capital continues to help unlock and bring forward housing supply on challenging sites that might not otherwise reach the market.
