Work to re-start on stalled £90m Salford residential tower following site acquisition

Construction is set to re-start on a stalled £90m residential scheme in Salford later this month, after a deal to purchase the site.

Developers say the site, formerly known as The Residence, will add a “contemporary Brooklyn style tower” to the Manchester skyline.

Liverpool-based Legacie Developments has secured a deal with administrators to relaunch the scheme after buying the site.

Legacie founder and managing director, John Morley, said: “Legacie Developments has been successful in reaching a deal for this site.

“I am personally delighted that we have been able to step up and put forward an exciting new vision to create a contemporary, state-of-the-art residential tower.

“It is fantastic to have the support of Salford City Council for our work, too, and I hope that we will create a development that they and the whole of Manchester can be proud of. We’ve rebranded the site ‘Embankment Exchange’.

In March last year TheBusinessDesk.com reported that Liverpool developer Elliot Lawless had agreed a deal with administrators of The Residence that would see a successful disposal to a consortium of its original investors.

The project was placed into administration by the Elliot Group in March 2020.

The scheme collapsed when investor confidence disappeared following the execution of warrants and searches of properties owned by Elliot Lawless in December 2019.

Merseyside Police has since conceded in the High Court that these were unlawful and no charges have ever been brought.

John Morley added: “People have compared some of the modern buildings emerging on Manchester’s skyline to those constructed in Brooklyn in recent years. I think Embankment Exchange fits that description – it is going to offer prestigious apartment living with first class amenities.

“Embankment Exchange adds to Legacie’s growing Manchester portfolio which is being supported by our colleagues at RWinvest and Together.”

Work on the 300-apartment development, which will also include retail and leisure facilities, will start later this month.

Legacie secured a multimillion-pound short term loan from Cheadle-based specialist lender, Together to re-commence work.

Ritchie Watson, corporate lending director at Together, said: “John brought the initial proposal to us at the end of November and we worked to tight timescales with the Legacie team and their solicitors, liaising with valuers and consultants, to deliver the finance needed for such a large and complex development.

“It’s fantastic to see our funding breathing new life into this scheme, which is now set to be one of the area’s most impressive residential apartment blocks in the region and provide much needed homes to the ever expanding Manchester residential market.”

Cllr Mike McCusker, lead member for planning and sustainable development at Salford City Council, said: “Legacie Developments have successfully purchased this important development site. That is welcome news.

“The Greengate area of Salford’s city centre has changed dramatically in recent years and is becoming an incredibly popular mixed use community. The scale and pace of new development has been extraordinary, and I hope this means another large scale development in Greengate can now get back on track.”