The transformation of Middlewood Locks in Salford has been boosted by a £30 million loan. The cash injection is coming from Homes England, the Government's housing and regeneration agency.
The agreement with Middlewood Locks KLM - a partnership between Scarborough Group International and its joint-venture partners Metro Holdings and Hualing Group - will see 189 new homes built as the third phase of the 25-acre brownfield site.
Middlewood Locks is being created over a number of phases. Once complete, it will deliver more than 2,000 homes, 900,000 sq ft of commercial space, including a hotel and leisure amenities set in a canal-side environment with 4.5 acres of public realm and event space.
The site is near to Salford Central station and a short walk from Manchester’s Spinningfields business district. The site also incorporates the waterside setting of the restored Manchester, Bolton and Bury canal.
Housing Minister Stuart Andrew said the project was a "key part of the Government's levelling up mission. Planning consent was granted last year for the Railings at Middlewood Locks following the successful completion and sell-out of 1,117 apartments in phases one and two.
The new neighbourhood already has more than 1,300 people living and working at Middlewood Locks with a recent report highlighting a £260 million contribution to the Greater Manchester economy so far.
Peter Denton, chief executive at Homes England, said: “With the first two phases of Middlewood Locks now complete, we’re already seeing the transformational impact that this scheme is having on the local area.
"This latest funding will help to bring forward the next phase and add a new community to the already vibrant neighbourhoods created there.
“It is urban regeneration schemes like Middlewood Locks that will support the levelling up of towns and cities, creating places where people want to live, work and play.”
The funding comes from the Government’s Levelling Up Home Building Fund, which provides development finance to small-medium housebuilders to help diversify the market and build homes and communities.
Kevin McCabe, chairman at Scarborough Group International, said: “Securing this funding from Homes England marks a significant step forward in the expansion of our award-winning, mixed-use neighbourhood at Middlewood Locks."
Meanwhile, a £2.5billion scheme in Salford Crescent is going ahead in partnership with Salford council and the University of Salford. The 240-acre project is via the Cities Fund, Homes England's long-standing partnership with Legal & General and Muse Developments and will bring upwards of 3,000 homes. It will also deliver up to one million sq ft of space "to innovate and collaborate", one million sq ft of offices, retail, and leisure space, and a new transport hub with "active travel" at its heart to the city, all set within swathes of green space.
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