McCauls unveil phase one of £15m New Islington scheme
FAMILY-owned McCaul Developments has made its first move into the Manchester market with the unveiling of phase one of a £15m project at the New Islington regeneration scheme.
The Astley-based business expects the first phase of The Point, comprising 23 apartments and six town houses, will be ready for release in August.
The firm, run by three brothers, has submitted plans for phase two of the scheme, which it bought from Urban Splash in 2012.
McCaul has secured approval for the government-backed ‘Help to Buy’ scheme, which aims to help people at the lower end of the property ladder with a 20% equity loan.
The development, which was designed by architect David Pritchard, is in partnership with New East Manchester and the Homes and Communities Agency (HCA) through the Get Britain Building Scheme.
Sean McCaul, director at McCauls, said: “The development will provide contemporary and high-spec homes in what is quickly becoming one of the most distinctive and diverse neighbourhoods in Manchester. New Islington is a fantastic scheme in a stunning waterside location which is attractive to young professionals, couples and families.
“Furthermore, we are delighted to receive Help to Buy approval for The Point. The new government scheme will provide a much-needed shot in the arm for the house building sector and offers an excellent incentive for people to get onto and move up the property ladder.”
The McCaul name first entered the property development market in 1955 when brothers Joe and Jack McCaul joined forces with Eric Ashton to form Ashton and McCaul. The family name was continued by Joe’s three sons who worked separately in the house building sector. However the brothers, who together have more than 80 years of experience in business, decided to join forces to create a new venture.
The firm has a number of developments in the pipeline including housing developments in Astley, Manchester and St Helens.
McCaul has been advised by a team of lawyers from Manchester law firm Pannone. Head of real estate Stephen Lintott said: “Having advised on the initial site acquisition and also on the agreements for McCauls’ Get Britain Building Funding, we very much look forward to our ongoing work as the project progresses.”
