Joint venture partners Scarborough Group International (SGI) and Metro Holdings have secured funding from The National Housing Bank to help deliver the next phase of development at the £1bn Middlewood Locks mixed-use neighbourhood in Salford.
Including the latest provision of funding, a total of £84.2m has now been loaned in support of the various phases of Middlewood Locks contributing to the delivery of more than 1,300 completed new homes.
This new funding package will facilitate the delivery of 909 new homes across two developments on 10 acres of land adjacent to Manchester city centre.
Brick Fields Yard will provide 659 one-, two- and three-bedroom apartments, including duplex homes, spread across two separate buildings of 27 and 32 storeys. Lockgate Wharf will feature an additional 250 one-, two- and three-bedroom luxurious canalside apartments centred around a private residents’ raised podium garden.
Paul Kelly, managing director of Scarborough Group International, said: “We are delighted to extend our long-standing and very successful collaboration with Homes England as one of the first pilot schemes since the launch of the National Housing Bank in March. This funding arrangement marks a significant milestone in realising the full potential for Middlewood Locks as an important driver in creating sustainable new communities and much-needed new homes.
“We have already delivered a thriving new neighbourhood that we are extremely proud of and look forward to the next ten years of investment that delivers on the National Housing Bank, Homes England housing agenda with measurable sustainable value. We hope to be able to start on site by early next year, with the first phase of homes available for occupation in 2030.
Nigel Barclay, director – loans, at The National Housing Bank, added: “The initial three phases of Middlewood Locks have been highly effective in delivering essential new homes, revitalising previously unused land and strengthening the connection between Salford and Manchester city centre. The significant positive impact on the local area is clear, and this latest funding accelerates further housing delivery within this vibrant neighbourhood.
“Urban regeneration projects such as Middlewood Locks play a vital role in supporting new development in towns and cities, fostering communities where individuals are eager to live and engage socially. We continually seek collaboration with partners who share these goals and ambitions.”
