Middlewood Locks site sold for £10m
SCARBORUGH Development Group has purchased the Middlewood Locks site in Salford, according to PropertyWeek.com.
Scarborough Developments, a subsidiary of Scarborough Group, is thought to have paid £10m for the 21 acre brown field site which comes with extensive planning consent for 2.6m of mixed use development. The planning consent for the site expires in 2014.
The site was purchased through administrators, Grant Thornton when Valley and Vale Properties collapsed last year.
Scarborough Development Group managing director Mark Jackson said: “We will be re-evaluating the plans in light of the current market and intend to present the best possible scheme for Salford.”
The purchase of the site was funded by a £45.5m facilities agreement with Santander.
