Le cabinet d’avocats international Willkie Farr & Gallagher a conseillé Cheyne Capital dans le cadre de son investissement dans CFC – Compagnie Française de Croisières, une nouvelle start-up qui relance les croisières « à la française », pour une clientèle premium, dans le cadre du lancement de ce nouvel acteur du paysage touristique français.

CFC entend remettre au goût du jour la tradition des voyages au long cours à travers son navire, Renaissance (629 cabines, 1100 passagers, 560 membres d’équipage) qui battra pavillon français. Les croisières proposées par CFC seront en majorité d’une durée supérieure à douze jours et entièrement francophones. À travers les croisières proposées, CFC souhaite revenir aux fondamentaux du voyage en mer.

L’équipe Willkie à Paris est composée de Lionel Spizzichino et Brice Pommiès, associés, avec Audrey Nelson, counsel et Chiraz Kmar Turki, collaboratrice, sur les aspects financements, Grégory de Saxcé, associé, Marie Aubard et Tala Ayoub, collaboratrices sur les aspects corporate ; ainsi que Philippe Grudé, European counsel, et Lucille Villé, collaboratrice, sur le volet fiscalité.

Herbert Smith Freehills est intervenu en qualité de conseil de CFC avec une équipe composée de Vincent Hatton, associé, Philippe Desvignes, collaborateur senior et Clervie Giscard d’Estaing et Soraya Salem, collaboratrices, et Thomas Bouton, stagiaire sur les aspects financement ; Edouard Thomas, associé, Cyril Boulignat, of counsel, et François Paulze d’Ivoy, collaborateur, sur les aspects corporate ; Bruno Knadjian, associé, et Sylvain Piémont, collaborateur, sur le volet fiscalité ; Sophie Brézin, associée, en matière de droit social et Alexandra Neri, associée, et Laure Cardinet, collaboratrice, sur le volet propriété intellectuelle, technologies et données personnelles.

HFW est également intervenu en qualité de conseil de Cheyne Capital sur les aspects de droit maritime et de droit anglais de la transaction avec une équipe menée par Jean-Marc Zampa et Timothy Clemens-Jones, associés, Jaye Bhogal, collaboratrice senior à Londres et Axel Luquet, collaborateur.

Compagnie Française de Croisières (CFC), officially launched today in Paris, will cater to lovers of long sea voyages.

Its first ship, Renaissance — built as Maasdam for Holland America Line and reflagged to France — is scheduled for an inaugural cruise in February.

CFC envisions a modern version of the traditional croisières à la française, sailing exclusively from Le Havre and Marseille on long, varied itineraries catering to travelers seeking discovery, culture and time to enjoy the ship.

With a combined experience of 50 years in the cruise industry, Marseille-based Clément Mousset and Cédric Rivoire-Perrochat, CFC president and GM respectively, are realizing their dream of operating a smaller, 100% francophone ship on cruises that reinterpret the long sea voyages of yesteryear.

Backing by Cheyne Capital

This concept, announced in 2019 for Jules Verne of the now defunct Cruise & Maritime Voyages, attracted the interest of US/British investment fund Cheyne Capital, which was looking to enter the cruise sector.

€10m upgrade planned

While Renaissance is 30 years old, it underwent a refit in 2018-19 ‘is in excellent shape,’ according to Mousset, and equipped for shore power, which will be available in Le Havre in 2023 and Marseille in 2025,

‘We are, however, going to put it up to our standards and add our touch,’ Mousset said, with an investment of some €10m. Capacity will be reduced from 1,258 passengers to 1,100 passengers, served by 560 crew. And the ship meets demanding environmental requirements as it had been planned to sail in Alaska.

Some 80% of the cabins have ocean views. A standard inside cabin measures 16 square meters/172 square feet and the largest suite is 90 square meters/969 square feet.

100 solo cabins

In a new twist, some 100 cabins across inside, ocean-view and balcony categories are going to be dedicated to solo travelers year-round, without any supplement.

Gastronomy and entertainment

To live up to the French gastronomic reputation, a former Michelin-star chef will create menus supervised by a maritime executive chef. Two specialty restaurants – one dedicated to meat (64 seats) and the other to Asian fusion food (68 seats) supplement the main restaurant (710 seats) and the buffet (375 seats). The Table du Chef (12 seats) will reinterpret some of the great gourmet recipes found aboard such legendary ships as Mermoz, France, Normandie and the former Renaissance of Paquet French Cruises.

Also planned are 10 production shows per cruise, live bands, a DJ and more. Announcements will be limited to security briefings and a daily update at noon from the captain. The daily logbook will be mainly digital.  

From Le Havre or Marseille, never the same itinerary

Built as a long-haul ship, Renaissance is promised to offer very varied, bold and new routes.

‘Our concept is that 100% of our cruises are flight-free, each of them departing and returning to the two ports we selected,’ Rivoire-Perrochat said. ‘Some 31 different cruises are planned from Feb. 10 until January 2024, with an average length of 11 nights, even if we have a few seven- or three-/four-day departures.’

Extended port calls

Port calls will range from 13 hours to 72 hours. In 2023, CFC will visit 157 destinations in 54 countries.

From Le Havre, in February, the first two cruises will head to Norway and have an aurora borealis theme. In March, the ship will follow the sun with a Canary Islands and Madeira itinerary that’s a wink to the inaugural cruise of France in 1962. Subsequent cruises will visit Germany, the Channel Islands, Ireland, the Baltic, the Faroe Islands and Iceland.

Once repositioned to its homeport Marseille in September 2023, Renaissance will sail to Greece, Turkey, Algeria, Tunisia, Corsica, Sicily and the Adriatic coasts. On Jan. 4, it will begin a 120-day grand voyage around Africa, through the Suez Canal and around the Cape of Good Hope, featuring some 50 calls at 28 countries with access to 23 UNESCO World Heritage Sites.

Renaissance will be marketed in Belgium, Switzerland, Luxembourg and Québec, with reservations opening this month. An average daily rate of €240 per person including gratuities is planned, with special discounts at €105. CFC targets 34,000 passengers for its inaugural season.  

(NEWSManagers.com) – La société de gestion alternative britannique Cheyne Capital a établi une succursale en principauté de Monaco, a appris NewsManagers.

La firme, fondée en 2000 par deux anciens de Morgan Stanley Jonathan Lourie (directeur général et des investissements) et Stuart Fiertz (président), avait déjà disposé d’un bureau enregistré en principauté sous la forme d’une société anonyme monégasque dans les années 2000 avant que l’entité ne soit dissoute en 2009. La nouvelle succursale prend la forme d’une société à responsabilité limitée (SARL).

Gerard Bromley, responsable en Europe et au Moyen-Orient des ventes des stratégies de hedge funds et de dette privée, est désigné comme le gérant de la nouvelle succursale de Cheyne Capital à Monaco.

Cheyne Capital investit dans les actifs immobiliers, le crédit alternatif, les convertibles et gère également des stratégies long/short actions et event-driven. Le hedge fund gère 10 milliards de dollars et dispose de bureaux à Londres, Dublin, Dubaï, New York, Zurich, Berlin, Paris, Madrid, Sydney ainsi que dans les Bermudes.

Aucune partie de cette publication ne doit être photocopiée, diffusée, publiée, réécrite, ou redistribuée sous quelque forme que ce soit et par quelque moyen que ce soit sans un accord écrit préalable de la société AGEFI SA éditrice du flux Newsmanagers. Ces conditions sont prévues par les dispositions du Code de la propriété intellectuelle. Copyright 2022 Newsmanagers.

El impacto de la situación económica en la financiación es uno de los factores clave para la toma de decisiones de inversión inmobiliaria en el contexto actual. Savills, consultora inmobiliaria internacional, ha presentado en Madrid el evento Financiación inmobiliaria, claves y desafíos, en el que expertos de banca y especialistas en financiación alternativa han explicado la situación y cómo el mercado se está adaptando al incremento de los tipos de interés provocado por el alza de la inflación.

El encuentro ha contado con la participación de Ramón Forcada Gallo, director de Análisis Financiero y Mercados en Bankinter, quien ha aportado los datos sobre la situación macroeconómica actual. Según sus previsiones, “quedan de 3 a 6 meses confusos, estamos en un cambio de contexto que va a ser progresivo y nos tendremos que acostumbrar a vivir con tipos que estén en el 3% en el largo plazo”.

Por su parte, Andrew McMurdo, co-head de Savills Capital Advisors en Savills UK, ha explicado que “los mercados de deuda siguen operando con normalidad, centrándose en la financiación de calidad, los activos y el cash flow”. Incluso, “es probable que el asesoramiento sobre deuda sea cada vez más demandado a medida que las entidades no bancarias ganen cuota de mercado y los mercados sean cada vez más complejos”, ha concluido.

La mesa redonda, moderada por Javier Sarrado, Finance director en Savills España, ha contado con la participación de Jaime Vigón, managing director head of real estate, construction &, infraestructure en CaixaBank; Nicole Jürgensen, head of international clients en Münchener Hypothekebank, y Javier Quintela, head of iberia en Cheyne Capital, firma especializada en financiación alternativa.

Los expertos en financiación han coincidido en que a nivel análisis de operaciones, la actividad continúa y no ha parado. La diferencia de antes de verano a ahora, según han explicado, es que se ha confirmado la necesidad de mantener la cautela a la espera de algún indicador positivo. Mientras tanto, han señalado las operaciones orientadas a generación de cash-flow como las mejor posicionadas para obtener financiación y el track record del financiador en los segmentos BTR (build to rent), residencial, oficinas, hoteles, logístico o retail como factor a tener en cuenta.

Además, todos han confirmado la importancia de las certificaciones de sostenibilidad de los activos para agilizar y abaratar las operaciones. La financiación verde, según han explicado, se está convirtiendo en una cuestión de capital importancia, en muchos casos determinante.

Desde Savills, los expertos en financiación en España y Europa han asegurado que teniendo en cuenta la experiencia de otras crisis, en estos momentos el sector inmobiliario no se encuentra en riesgo, hay financiación, los fundamentales y la demanda en los distintos segmentos inmobiliarios se mantienen sólidos y es clave la adaptación a la nueva situación para que la inversión pueda seguir activa en este nuevo contexto

Unique, sustainable mixed-use development by Great Grey Investments and Wonam comprising 592 apartments, offices, social and commercial facilities.

Municipality of Amsterdam will own the health centre with a pharmacy and a talent centre for young people.

Greystar acquired the 592 apartments of which 415 are in the ‘mid-rent segment’.

Great Grey Investments remains owner of 20,000 m2 of office space, the commercial facilities and the parking garage; the development is led by Grey Investments and Wonam.

Reinier van Dantzig, Alderman for Housing for the City of Amsterdam, gave the official go-ahead for the construction of The Ensemble in Amsterdam Southeast. The Ensemble is now one of the largest and most sustainable mixed-use high-rise developments in the Netherlands. The two almost energy-neutral towers comprise 592 apartments, facilities, and amenities such as a health centre with a pharmacy, a talent centre for young people, offices, and commercial facilities. The Ensemble is being built in the new urban district Hondsrugpark in Amsterdam Southeast and is expected to be completed in mid-2025.

The Ensemble has a strong focus on social amenities for the entire area. Therefore, lots of space will be used for social facilities and services including a talent centre for young people and a health centre with a pharmacy. The Municipality of Amsterdam will become the owner of these two facilities.

Reinier van Dantzig, alderman for Housing and Spatial Planning for the city of Amsterdam: “We are making good progress developing Amstel III into a new residential area of Amsterdam. Ensemble is one of the projects of which we could be very proud, featuring affordable housing with low energy costs. Combining living, working and facilities, we are building on the vision for Amsterdam in which we not only build houses but develop a society.”

Great Grey Investments will remain the owner of the offices, car park and commercial facilities whilst the development is led by Great Grey Investments and Wonam.

The two residential towers were recently acquired by Greystar on behalf of the Greystar Equity Partners Europe Fund; a fund that recently completed a successful investment round. The 592 apartments, 415 of which are in the ‘mid-rent segment’, include studios and two-, three- and four-bedroom flats.

A sustainable home for everyone
The former office buildings at Karspeldreef 14-16 in Amsterdam are making way for a mixed-use building with two imposing towers, 115 and 95 metres high, respectively, including a mix of housing types such as studios, two-, three- and four-bedroom apartments. This mix will make The Ensemble suitable for a wide range of audiences such as single households, young couples, and small families. The approximately 20,000 m2 of office space is spread over 5 floors with 3,600 m2 LFA. This is unique in the Amsterdam office market and meets today’s occupiers’ most relevant needs for flexibility, meeting, collaboration and sustainability. The parking garage will provide space for 2,350 bicycles, 120 scooters and 239 cars.

Its diverse range of social facilities is aimed at meetings, socialising and recreating. The Ensemble aims to become a home for the neighbourhood. This makes The Ensemble an impactful development for both the residents of Southeast and the new developing city district Amstel III. An educational film will be made of the construction of The Ensemble, which will be shown at schools in Southeast to enthuse young people about a job in construction.

The entire development, including the apartments, is almost energy-neutral using heat and cold sources, green roofs and solar panels. It will be one of the largest and most sustainable residential buildings in the Netherlands. The offices will receive the sustainability label BREEAM Excellent for creating sustainable buildings with minimal environmental impact. The building exceeds the highest Amsterdam BENG standards and goes a step further than what are currently the minimum requirements for sustainability.

Attractive and complete city district
The large office area Amstel III below the Johan Cruijff Arena is turning into a mixed city quarter for thousands of Amsterdam residents. By 2027, there will be ten thousand homes at Bullewijk and Holendrecht stations. The offices will thus make way for a complete urban district. Along with the construction of many homes, there will also be many neighbourhood facilities, such as schools, health centres, neighbourhood rooms, a youth talent centre, a pharmacy, childcare and sports facilities. And the area will become much greener: Hondsrugweg will be transformed into a huge city park where people can live, work, and relax (hondsrugpark.nl). The municipality is working intensively with various developers to give the area a quality boost in co-creation.

Organisation and advisors
The Ensemble was initiated and is being developed by Great Grey Investments and Wonam. The building was designed by Van Belle & Medina – CONIX RDBM Architects, with Cordeel responsible for all construction.

Great Grey Investments and Wonam were advised in this transaction by Loyens & Loeff (legal & tax), Capital Value (commercial), and Kempen (financing). Financing for the completed development phase has been provided by RAX, whilst Cheyne Capital Management, with Greenberg Taurig acting as advisor, provided financing for the construction of the commercial part.

Greystar was advised by Houthoff (legal), Deloitte (tax and financial) and Savills (technical). The financing for Greystar’s acquisition was provided by ING and Rabobank.

Real Estate Credit Investments (LON:RECI) is the topic of conversation when Hardman and Co’s Analyst Mark Thomas caught up with DirectorsTalk for an exclusive interview.

Q1: Your recent report on Real Estate Credit Investments sits behind a disclaimer. What can you tell us about that?

A1: It is just the standard disclaimer that many investment companies have. In essence, for regulatory reasons, there are some countries (like the US) where the report should not be read. It is not a simple asset class, and the report should only be looked at by professional/qualified investors.

Q2: Your report was called “Marks taken in uncertainty, released thereafter”.  What can you tell us about it?

A2: In this note, we reviewed RECI’s track record of taking MTM hits on its bond portfolio in periods of uncertainty, followed by releases in the subsequent periods. We believe this reflects the market applying a broad-brush approach to risk, and giving insufficient credit to RECI’s superior control assessment, monitoring and restructuring systems, which we summarise again in this note. We have outlined in previous reports why we believe RECI shows resilience against inflation, interest-rate increases and inflation risks.

Q3: So, could you give us a real-life example of when this happened?

A3: In our note, we included a chart of their MTM hits and releases through COVID-19. In March 2020, there was a hit of nearly £10m. In most of the subsequent months that year and into the spring of 2021, there were releases of between £0.5m and £1m, so that within the year the vast majority of the initial hits had been recovered.

Q4: What made you do this analysis now?

A4: In mid-2022, we are once again faced with a period of uncertainty driven by the Ukrainian crisis, inflation and unknown interest rates, and an uncertain growth/recessionary outlook. Corporate loan markets are now priced at similar levels to April/May 2020 when the market was anticipating 18-month default rates in the region of 10%-15% when current default expectations are low-to-mid single-digits levels.

Unlike the COVID-19 period, RECI has not faced a single, sharp month of deterioration, but rather has seen smaller, month-on-month attrition, steadily gnawing away at the NAV with an acceleration in June. We believe the bottom-line driver, though, is the same. The market uncertainty is applying a broad-brush approach to risk, which is not looking to the underlying risk controls and security specific to their proposition.

Q5: The critical issue appears to be that you are saying the market applies a broad-brush approach while Real Estate Credit Investments has superior credit processes. Can you remind us exactly why you believe they have better processes?

A5: That is exactly the nub of the issue. We explored the issue in detail in a number of our notes, but I would particularly point your listeners to p14-19 of our initiation, which although we published in August 2019 is still true today.

Critically, what we said then, was delivered through COVID-19, which is hugely encouraging. In summary, it’s about RECI’s structured and considered approach to lending. The manager’s (Cheyne’s) culture is hugely important to this, and we take considerable comfort in its risk/reward approach. Positions appear to be closely monitored, once committed, and Cheyne endeavours to be actively involved where there are multiple lenders. Early identification of problems is very important to reducing eventual losses, and Cheyne has processes in place to do that. The originator “owns” the loans, and so is highly likely to personally spend the considerable time and effort sorting out any problem accounts.

It is a well secured lender, which we believe reduces both the probability of default and the loss in the event of default. Counterparties are financially strong and experienced professionals. The portfolio is increasingly diversified by counterparty, jurisdiction, economic sector and type of borrower.

Q6: What did their latest quarterly update tell you?

A6: Very much more of the same with the key themes of i) attractive returns from low LTV credit exposure to UK and European commercial real estate assets, ii) quarterly dividends delivering consistently since October 2013, iii) a highly granular book, iv) transparent and conservative leverage, and v) access to strong pipeline.

Backhouse has agreed additional funding for a further £50million facility as the company underpins its expansion plans for the next three years. The award-winning housebuilder, based in Chippenham, has signed an increased credit facility with Cheyne Capital, superseding its previous facility.

On the back of a successful first six months of 2022, Backhouse has announced ambitious plans to increase turnover to £114million by June 2025. The arrangement with Cheyne Capital will give the housebuilder increased liquidity and capacity to grow the business, including expansion into additional counties.

Backhouse is forecasted to legally complete 155 units by June 2023 – a 250% increase on the previous year, and rising to around 330 unit completions by June 2025.

The funds will allow Backhouse to establish new sites, build a stronger land bank and further strengthen all areas of the business to drive its expansion plans, check these payroll features for your company.

Ian Jones, managing director at Backhouse, said: “We are delighted to have secured an additional £50million of investment and to continue our longstanding working relationship with Cheyne Capital. They know our business model, can see our huge potential and we are determined to capitalise on our market position.”

Ian added: “This funding will provide the business with the capital required to meet our ambitious growth plan and environmental targets over the next three years. It’s an exciting time for Backhouse. We have a talented team, fantastic product and a recognised brand across Wiltshire, Somerset and Gloucestershire.”

The Oldham Road Build to Rent development, a new £32m impact led scheme in Manchester hits a major milestone. GMI Construction Group and Cheyne Capital, joined by NHS leaders, marked the highest point of construction at the 12-storey development, which is due to complete by mid-2023.

The construction company, which was appointed by Cheyne Capital to deliver the development led a topping out event attended by senior management and directors from Cheyne Capital and GMI. The project provides one of the largest proportion of homes reserved for key workers in Manchester, and as such the event was attended by Chairman of the Manchester University NHS Foundation Trust, Kathy Cowell OBE, as a special guest. She officially marked the topping out milestone by congratulating the funding and contractor teams.

“This is a major milestone for Oldham Road which moves us closer to completing what is a best-in-class development in the heart of Manchester. The team at GMI is proud to have worked in partnership with Cheyne Capital to deliver a scheme of such quality and significance.

“We have no doubt that Oldham Road will contribute significantly to re-energising this up-and-coming part of Manchester, and help to unlock further city centre regeneration and growth.”

Marc Banks, Divisional Managing Director, GMI Construction Group

Kathy Cowell OBE, Chairman of the Manchester University NHS Foundation Trust attends as a special guest at Oldham Road.

The Oldham Road development includes one-, two- and three-bedroom apartments. Funding for the scheme was provided through Cheyne Capital’s Impact Real Estate strategy, which aims to address the UK’s shortage of affordable housing. Under the social impact principles of the financing agreement, 35% (51 of the total 144) apartments will be reserved for local key workers – such as nurses, teachers and emergency services workers, at discounted rents of up to 25%. 

The scheme features 3,000 sq ft roof terrace, and further high-quality amenity spaces for work, entertainment and relaxation. The development is accredited with the Home Quality Mark and a top-level Platinum Award with WiredScore, the global standard for in-building connectivity.

The Oldham Road scheme sits between two highly-prized districts of Ancoats and NOMA. Forming a key part of a larger regeneration in the New Cross neighbourhood in Manchester undertaken by GMI, the area will see the addition of 378 homes over three major developments.

“We know what a transformational impact urban regeneration development such as Oldham Road can have on a place, and the benefits they provide for the communities they serve.

“Our commitment to reserve more than a third of these new homes at meaningful discounts – enabled by our Impact Real Estate strategy – will open up more affordable opportunities for key workers across health, education, and the emergency services to live in the heart of one of the UK’s most dynamic cities.

“As well as providing high quality homes for what will no doubt be a thriving urban community, Oldham Road will support sustainable lifestyles with residents living on the doorstep of the public transport network in Manchester city centre.”

Jack Greenhalf, Development Manager, Cheyne Capital

GMI Construction Group and Cheyne Capital were joined by NHS leaders to mark the completion of the highest point of construction at a new £32m impact led housing scheme in Manchester. The development will see 35 per cent of homes reserved for key workers at discounted rents.

The 12-storey Oldham Road apartment building forms a key part of the regeneration of the New Cross neighbourhood in Manchester, which sits between the two highly-prized of districts of Ancoats and NOMA.

The construction company, which was appointed by Cheyne Capital to deliver the development led a topping out event attended by senior management and directors from Cheyne Capital and GMI.

Funding for the scheme was provided through Cheyne Capital’s Impact Real Estate strategy which aims to address the UK’s shortage of affordable housing. Under the social impact principles of the financing agreement, 51 of the total 144 apartments will be reserved for local key workers, such as nurses, teachers, and emergency services workers, at discounted rents. 

The project provides one of the largest proportion of homes reserved for key workers in Manchester, and as such the event was attended by Chairman of the Manchester University NHS Foundation Trust, Kathy Cowell, as a special guest. She officially marked the topping out milestone by congratulating the funding and contractor teams.

The development, which cost £32million to build, features one-, two- and three-bedroom apartments, as well as a 3,000 sq ft roof terrace and further high-quality amenity spaces for work, entertainment, and relaxation.  The scheme is accredited with the Home Quality Mark and a top-level Platinum Award with WiredScore, the global standard for in-building connectivity.

Manchester’s rapid economic development – with new offices, shops, bars, restaurants and entertainment venues – has sparked an accelerated demand for city-centre living over the last two decades.

In 1991, just 2,500 people lived in Manchester’s city centre. Since then, the rise in population has accelerated with an estimated 65,000 people thought to live in the city by 2019.

These numbers are expected to continue to rise with the city council predicting Manchester’s urban population will hit 100,000 by 2025.

But surging demand has led to surging prices, with council data suggesting rents increased by 10 per cent in the year to April 2022 alone.

Rents at the new Oldham Road development will be reduced by up to 25% for key workers.

 This Oldham Road development is part of the larger regeneration project being undertaken by GMI in the New Cross area of Manchester, which will see the construction of 378 homes over three major developments.

Oldham Road is due to complete mid-2023.

A £32m impact led build-to-rent (BTR) scheme for key workers in Manchester has hit a major milestone.

GMI Construction Group and Cheyne Capital were joined by NHS leaders to mark the completion of the highest point of construction at the 12-storey Oldham Road apartment building.

It will see 35 per cent of homes reserved for key workers and rents reduced by up to 25 per cent.

The development forms a key part of the regeneration of the New Cross neighbourhood in Manchester, which sits between Ancoats and NOMA. 

The construction company, which was appointed by Cheyne Capital to bring forward the development, led a topping out event attended by senior management and directors from Cheyne Capital and GMI. 

Funding for the scheme was provided through Cheyne Capital’s Impact Real Estate strategy.

Of the 144 apartments, 51 will be reserved for local key workers, such as nurses, teachers, and emergency services workers, at discounted rents.

The development features one, two and three-bedroom apartments, as well as a 3,000 sq ft roof terrace and amenity spaces.

Jack Greenhalf, development manager at Cheyne Capital said: “As well as providing high quality homes for what will no doubt be a thriving urban community, Oldham Road will support sustainable lifestyles with residents living on the doorstep of the public transport network in Manchester city centre.”

The Oldham Road development is part of the larger regeneration project being undertaken by GMI in New Cross. It will see the construction of 378 homes across three major developments.

Oldham Road is due to complete mid-2023.