Majority of funding will fast-track the delivery of 546 new homes
The Homes and Communities Agency (HCA) has awarded 拢34.7m in funding for the proposed 24.5 acre Middlewood Locks development in Manchester.
More than 拢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 拢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 拢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%).
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