Homes England, the Government’s housing and regeneration agency, has agreed a £ 30m loan to continue the transformation of Middlewood Locks in Salford.
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 a significant regeneration project in Salford, being created over a number of phases. Once complete, it will deliver over 2,000 homes, 900,000 sq. Ft. ft of commercial space, including a hotel and leisure amenities set in a calm canal side environment with 4.5 acres of public realm and event space.
Just a stone’s throw from Salford Central station and a short walk from Manchester’s Spinningfields business district, the site includes substantial public realm within the design, incorporating the attractive waterside setting of the restored Manchester, Bolton and Bury canal.
Housing Minister Rt Hon Stuart Andrew MP said:
The regeneration of our towns and cities is a key part of our leasing up mission. I am pleased to see the progress being made at Middlewood Locks, a major regeneration project for Salford that will deliver vital new homes for the city, create jobs and boost the wider economy. It is a fantastic example of our brownfield-first plan to transform disused land into thriving communities.
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 multi-award-winning new neighborhood is already thriving with over 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 neighborhoods 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 much needed homes and communities.
This deal marks the second commitment made by Homes England to Middlewood Locks, after the first phase of the project benefitted from both short and long-term loans to support the creation of 1,100 homes, supported by vital infrastructure. The approval of both of these loans for one project is rare and underlines the agency’s belief in the importance of the project to the community and wider area.
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 neighborhood at Middlewood Locks.
Not only does it reinforce our long-standing relationship with Homes England, it also underlines our joint aspiration for creating a vibrant city center community through the delivery of a further 189 high-quality homes, together with supporting amenity space and public realm.
With a broader commitment to place-making, Middlewood Locks is just one of the schemes Homes England is supporting in Salford. The English Cities Fund, Homes England’s long-standing partnership with Legal & General and Muse Developments, has also secured a £ 2.5bn, 240-acre scheme at Salford Crescent in partnership with Salford City Council and the University of Salford, which will bring over 3,000 homes. It will also deliver up to 1 million sq ft of space to innovate and collaborate, 1 million sq ft of offices, retail, and leisure space, and a new multi-modal transport hub with active travel at its heart to the city, all set within swathes of green space.