£650m regeneration scheme gets delayed go ahead
A £650 million housing regeneration scheme has been given final approval by the government after it was stalled over fears about the cost.
The scheme is split into two parts - a £430 million private finance initiative, which will fund management contracting, refurbishment and infrastructure, and £220 million fund for new build development, which is partly funded by Homes and Communities Agency grants and private finance.
The work starts today and the 30-year new public/private partnership will see more than 1,600 homes built and more than 1,250 existing council-owned properties improved. The scheme is also set to create 500 jobs, 24 new small and medium business enterprises, provide skills training for 3,200 local people and 2,000 work experience opportunities.
The private finance initiative housing project in Salford will be delivered by Pendleton Together - a consortium of Together Housing and Keepmoat.
The local authority approved the plans for one of the UK’s biggest housing regeneration schemes last year, but the project stalled over government concerns about the cost of the project. The HCA has now cleared the scheme.
Ian Stewart, Salford city mayor said: ‘This is great news for local people.
‘It’s a tremendous relief that all our behind-the-scenes work to persuade the Government to give the go-ahead, has finally paid off. I would like to thank all the team involved for putting Pendleton’s interests first.
‘A lot of work has been done in recent years to regenerate the local area and provide new opportunities for local people. Despite severe cuts to Salford, we’re doing good things in bad times.
‘This scheme will help transform Pendleton, its homes and environment – it will bring real hope of a better future to local people.’
As part of the project, Pendleton Together will manage the homes on behalf of the council and they officially took over the management today.