Ancoats flats saved by HCA fully sold

Manchester Ship Canal Developments, the joint venture between developer Peel Land & Property and Manchester City Council, has sold all 33 apartments within The Cube at Eastbank in Ancoats.

In July 2010, the scheme received £4.93m from the Homes & Communities Agency to kick-start construction after stalling in the recession.

MSCD acquired the 50% held by previous joint venture partner, Artisan, after it went into liquidation in March 2010. Peel, the council, and Artisan had delivered 385 apartments in Ancoats Urban Village off Great Ancoats Street.

James Whittaker, Peel development director, said: "We are delighted with the success of The Cube. There has been an impressive level of interest and enquiries since its launch. As a result, we are not surpised that the apartments are all sold less than twelve months after the first release.

"The Cube offers high quality affordable and spacious apartments that suit first time buyers, downsizers and young professionals. The scheme is a fundamental part of helping to create a community that will play its role in the resurgence of this part of the city.

"The Cube is also a great investment opportunity and has attracted a variety of occupiers due to the high quality of the apartments. The scheme's central location close to Manchester coupled with great transport links makes it an ideal place from which to enjoy all that Manchester has to offer."

Deborah McLaughlin, executive director North West, said: "It's really encouraging to see that this scheme has generated such interest and that the regeneration of East Manchester is continuing at such high pace. I'm pleased our support has allowed Manchester Ship Canal Developments to complete quality affordable new homes that are clearly appealing to local people.

"It's thanks to the hard work and dedication of Manchester City Council and their partners that schemes like this are making sure that the long-term vision for the area is becoming a reality."

Eastbank features a second residential building, The Mews, a mix of 30 two- and three-bedroom townhouses, many with garages, and 45 one- and two-bedroom apartments and duplexes. The Mews was launched in summer 2011 and sales have been strong, with the houses proving to be popular with owner-occupiers.

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Errrr…. why is the HCA funding a rich private company like Peel? Am I missing something?

By Susannah James

Read between the lines. MSCD was a 3 way JV involving the City Council. Presumably Peel could have afforded to have their fingers burnt and pulled out, for the City Council it would have been a political embarassment. Hence £4.93m of public money comes to the rescue from the HCA, which at almost £66k per dwelling delivered must raise some eyebrows about value for money achieved.

By UnaPlanner

The HCA money was provided as a loan not a grant. I understand he money will be repaid with interest on commercial terms. Seems like a great deal for the HCA/Government; helped kickstart a stalled scheme and made some money out of it.

By MikeC

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