Majority of funding will fast-track the delivery of 546 new homes
The Homes and Communities Agency (HCA) has awarded £34.7m in funding for the proposed 24.5 acre Middlewood Locks development in Manchester.
More than £25m of the facility will be spent to fast-track delivery of phase 2 of the project, which will provide 546 new, one to three bed homes, across four buildings, totalling more than 360,000 ft2.
The remaining £9.2m will help fund infrastructure and enabling works across the development. The overall facility is for an initial three-year period and is subordinate to the senior lenders to the first two phases of the development.
Middlewood Locks will provide a new neighbourhood around three large basins of the Manchester, Bolton and Bury canals and be a short distance from Manchester city centre. It will provide a total of 2,215 homes and 900,000 ft2 of commercial space, including a hotel.
Currently under construction, the first phase of the project will provide 571 one, two and three-bed apartments, the first of which will be ready to occupy in spring next year, at prices starting at £155,000.
Middlewood Locks is being developed by FairBriar International, a joint venture led by Scarborough International Properties (50%) with Metro Holdings of Singapore (25%) and Hualing Group of China (25%).