Select Property has agreed a £128.5m development finance deal to bring forward its One Port Street scheme in Manchester's Northern Quarter.

Maslow Capital has provided the new finance as groundwork on the development nears completion.

The development will include 477 apartments and is expected to open in 2025.

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Select Property expects the development to create at least 59 jobs and an estimated economic impact of £29.07m to the city once completed.

The deal marks the second occasion Maslow Capital has supported Select Property, having previously funded the development of CitySuites II.

A CGI of how the One Port Street development in Manchester city centre will look when completed
A CGI of how the One Port Street development in Manchester city centre will look when completed

Adam Price, CEO of Select Property, said: "Significant appetite from investors and funders alike is testament to the strength of the opportunity promised by One Port Street, and to our team’s track record of developing and operating successful residences in Manchester.

"The residence will deliver the very best of city centre living, with luxury amenities and a stunning contemporary design throughout the apartments and communal spaces.

A CGI of how inside the One Port Street development in Manchester city centre will look when completed
A CGI of how inside the One Port Street development in Manchester city centre will look when completed

"With Maslow Capital at our side once again, One Port Street will bring forward a new neighbourhood that will connect the Northern Quarter with Ancoats - two of the º£½ÇÊÓƵ’s most thriving places to live – and will deliver a lasting multi-million-pound boost to the city’s economy."

Matt Pigram, senior partner at Maslow Capital, added: "One Port Street is an excellent addition to Select Property's impressive portfolio that sets new benchmarks in residential living.

A CGI of how inside the One Port Street development in Manchester city centre will look when completed
A CGI of how inside the One Port Street development in Manchester city centre will look when completed

"This ambitious project reflects Maslow Capital's unwavering commitment to the º£½ÇÊÓƵ's housing sector and to supporting large-scale projects that are critical in addressing the nation's housing shortage."

Maslow Capital was recently in the news when it was revealed that Manchester-headquartered Arrow Global Group had snapped up the remaining shares in the company that it did not already own.

A CGI of how inside the One Port Street development in Manchester city centre will look when completed
A CGI of how inside the One Port Street development in Manchester city centre will look when completed

The group initially purchased a significant minority stake in December 2021. Arrow Global itself was taken over by TDR Capital, the private equity firm which helped the billionaire Issa brothers acquire Asda, in a £565m deal in October 2021.