£30M boost for Middlewood Locks
The transformation of Middlewood Locks in Salford is set to continue with a multi-million loan from Homes England.
The £30M loan has been agreed from the Levelling Up Home Building Fund and will see the third phase of the project go ahead.
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, 900,000sq 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.
This third phase will see 189 new homes constructed by Middlewood Locks KLM, a partnership between Scarborough Group International and its joint-venture partners Metro Holdings and Hualing Group.
The first two phases of the project have already and sold out and the multi-award-winning new neighbourhood is already thriving with over 1,300 people. A recent report estimated the regeneration has contributed £260M to the Greater Manchester economy so far.
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.
Housing Minister Rt Hon Stuart Andrew MP said: “The regeneration of our towns and cities is a key part of our levelling 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.”
Peter Denton, Chief Executive at Homes England, said: “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.”
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 one 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.
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