13 June 2024

Independent UK law firm Burges Salmon has advised alternative lender London Wall Lending on a £69 million development loan to residential developer X1 Developments to enable the construction of a 34-storey tower, the initial part of a 1,314-home Salford Quays project.

Michigan Towers is a key feature of Salford City Council’s updated regeneration framework for Media City and the 36-month loan facility supports the first phase of the project and the ground-up construction of the 394-unit tower. The project is expected to be ready for occupation in October 2026.

With a track record of over £650 million of funding, the move represents London Wall’s latest investment in Salford Quays, following its successful funding of Bricks Group’s 457-bedroom Discovery Quay development.

The Burges Salmon team advising London Wall Lending was led by partner Sally Jupp from the firm’s Built Environment group. Sally comments: “It has been a pleasure working with Andy Gupta, Head of Lending at London Wall Lending and X1 Developments on this £69 million financing. Our experience of advising lenders and borrowers in the built environment sector means we were well placed to guide our client through this exciting venture at the heart of a world-leading media and tech hub.”

Ned El-Imad, partner at London Wall, adds:“Salford’s regeneration over recent decades has been well-charted, characterised by patient investment in forward-thinking schemes that have brought new life to the Quays and the surrounding area. With Media City UK continuing to cement itself as one of the region’s most desirable postcodes, it’s important that the development pipeline can match growing demand and we have no doubt that the Michigan Towers scheme will be a welcome and necessary addition to the area’s skyline. We’re grateful to the Burges Salmon team for its excellent advice, in Sally and her team we found positive and engaging legal experts, who worked collaboratively with all parties to guide us through the process.”

Burges Salmon handles complex financing transactions for clients on both a UK and cross-jurisdictional basis, acting for some of the world’s largest banks, building societies and over 50 financial institutions, alongside numerous PLCs and large corporate clients globally. The firm is particularly active within the Built Environment sector, providing strategic and practical legal advice on financing, and investing in, all forms of UK property.

Key contact

Sally Jupp

Sally Jupp Partner

  • Real Estate Finance
  • Corporate Turnaround and Insolvency
  • Real Estate Investment and Development

Subscribe to news and insight

Burges Salmon careers

We work hard to make sure Burges Salmon is a great place to work.
Find out more