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Homes England agrees £30m loan for regeneration project in Greater Manchester
Homes England has agreed to loan £30m to a partnership behind a major regeneration project in Greater Manchester.
Homes England agrees £30m loan for regeneration project in Greater Manchester #UKhousing The agreement between the government’s housing agency and Middlewood Locks KLM, which is from a partnership between Scarborough Group International, Metro Holdings and Hualing Group, will fund 189 homes on Middlewood Locks in Salford.
The money comes from the the Levelling Up Home Building Fund and has been loaned for the third phase of the redevelopment of the 25-acre brownfield site.
Overall, the scheme will deliver more than 2,000 homes, 4.5 acres of public space and 900,000 sqft of commercial space, including a hotel and leisure amenities.
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More than 1,110 homes have been finished and sold on the site to date.
Housing minister Stuart Andrew said the regeneration of towns and cities is a “key part of our levelling-up mission”.
He said the redevelopment of Middlewood Locks “is a fantastic example of our brownfield-first plan to transform disused land into thriving communities”.
Peter Denton, chief executive of Homes England, said: “This latest funding will help to bring forward the next phase and add a new community to the already vibrant neighbourhoods created there.”
Kevin McCabe, chair of Scarborough Group International, said securing the funding “marks a significant step forward” for the development.
The funding follows Homes England, Legal & General and developer Muse extending a long-running £200m joint venture aimed at delivering urban regeneration schemes in March.
Current schemes include a £2.5bn, 240-acre development that the English Cities Fund secured with Salford City Council and the University of Salford.
It is expected to deliver around 3,000 homes, plus offices, shops and leisure facilities.
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