Funding secured for over 2,000 new homes in Manchester
Development work on two major residential property schemes on the edge of Manchester with a combined gross development value of £600m is set to press ahead this summer after the McCabe family's Scarborough Group International, the development firm, secured funding for the two major developments.
Scarborough has entered into a joint venture with Asian-based Top Spring International Holdings Limited and Metro Holdings Limited to develop phase II of Milliners Wharf, a canal side development in New Islington, Manchester, and Middlewood Locks, a 23.6 acre site at the western gateway of Manchester and centred around the former Manchester Bolton & Bury Canal.
Phase II of Milliners Wharf, which has a gross development value of £30m, branded ‘the Hat Box' will, on completion, provide 144, studios, one-, two- and three-bedroom luxury apartments in an eight storey building, on the Ashton Canal. Construction is to commence over the next few weeks with completion expected during 2016.
The first stage of the Milliners Wharf scheme, acquired by Scarborough in 2010 and comprising 261 apartments, is almost fully sold at prices between £100,000 and £250,000.
Middlewood Locks, which has a gross development value of £575m, will provide a new neighbourhood with up to 2,000 new homes along with mixed commercial uses including offices, shops, delis, restaurants, a convenience store, nursery and gym.
The site already has an outline planning consent for 2.6m sqft of residential-led, mixed-use development, but an additional 2.6 acre section of the site acquired recently is expected to increase the gross development area, once outline planning consent has also been granted for this additional section.
Kevin McCabe, chairman of Scarborough, commented: "There is very strong demand for housing in the central Manchester areaand, as in many parts of the UK, a shortage of supply, so we are confident that both our projects will be well received."