Capital&Centric has secured a £37m deal with Paragon Bank to fund the restoration of Talbot Mill in Manchester, as part of their plan to transform it into 190 rental homes.
The £55m project, which began in May 2024, will retain many original features of the 1855-built mill on Ellesmere Street, while adding a new 10-storey apartment block.
Tom Wilmot, joint managing director at Capital&Centric, said: “We love to restore and repurpose historic buildings but as one of Manchester’s oldest mills, Talbot Mill is something a bit different, and we’re buzzing to be bringing it back to its former glory.
“It had a huge role to play in the industrial revolution in the city and now it gets to be part of the city’s future.
“We’re retaining as many features as we can, to keep the history of the mill alive and so that our residents can enjoy becoming custodians of the past whilst enjoying all the trappings of modern-day living.”
Simon Dekker, senior relationship director at Paragon, led on the deal. He said: “Paragon launched its Build-to-Rent loan programme in the specialist development space early last year.
“We’re really pleased to provide finance for Capital&Centric at Talbot Mill, they’re pioneering in the regeneration space and it’s a scheme that will deliver their trademark cool homes, with lush gardens and the stunning architecture they’ve become known for.
“We’re really looking forward to seeing the finished development and working with the Capital&Centric team again in the future.”
