£85m Middlewood Locks deal signed

AN £85m deal for the construction of phase one of the 24.5-acre Middlewood Locks development in Salford has been signed.

Real estate developer and investor Scarborough International Properties Ltd, and BCEG penned have their deal.

The contract was signed by Kevin McCabe, chairman of Scarborough and Xing Yan, managing director of BCEG and was witnessed by Simon McCabe, deputy chairman and joint CEO of Scarborough.

Long standing partners from FairBriar Real Estate (the joint venture undertaking the scheme), Lawrence Chiang, COO of Metro Holdings Singapore and Michael Rex, director of investments of Hualing Group, Urumqi, China were also present.

The event marks a major milestone in the development of phase one, which will be completed in October 2018.

The first phase, which was granted detailed planning consent by Salford City Council in December last year, will comprise of 571 homes and associated commercial space, including convenience shops, restaurants, extensive new public realm including canal side footpaths and cycle ways to Manchester centre.

The first residents are expected to start moving in to the apartments in March 2018.

Kevin McCabe said: “We are delighted to have signed BCEG for the first phase of our Middlewood Locks development. This marks the culmination of many years of hard work and collaboration between all involved, both in the UK and China.”

Yan said: “We look forward to continuing our work with Scarborough on the development of this significant and strategic regeneration project.”

Chiang said: “The ceremony marks a significant milestone in our plans for the development of Middlewood Locks. This is a truly global endeavour.”

The Middlewood Locks development will deliver a new mixed-use neighbourhood which, in total, will provide 2,215 new homes and 900,000sq ft of commercial development space including offices, hotel, shops, restaurants, a convenience store and gym.

The scheme will have public green space and will be developed around three large basins of the Manchester, Bolton and Bury Canal which connects to the River Irwell and is a short distance from the central business district and retail areas of Manchester city centre.

Phase One has a gross development value of more than £150m and is expected to create more than 300 jobs for the local region.