Farnworth Green aerial CapitalCentric c CapitalCentric

Capital&Centric secured planning permission for the Farnworth project in April 2022. Credit: Capital&Centric

Capital&Centric, CitiHaus to get £25m GMCA support 

The developers are to receive £12.5m and £12.3m respectively from the combined authority’s housing loans fund for developments in Farnworth and Altrincham. 

GMCA will meet next week to sign off the loans, which will support the delivery of a combined 165 homes. 

In Bolton, Capital&Centric is developing 85 apartments and 12 townhouses in Farnworth town centre. 

The developer is seeking a loan of £12.563m from the GM Housing Investment Loans Fund for the development. 

The project is also backed by a £1.4m Brownfield Housing Fund grant. 

There are no Section 106 payments or affordable housing provision within the scheme, according to a GMCA report. 

Tom Wilmot, joint managing director at Capital&Centric, said loans such as those provided by the GMCA are key to unlocking development in areas like Farnworth.

“The public and private sector must come together to get design-led projects off the ground at destinations where values are often lower and viability is a real barrier,” he said.

“Farnworth is exactly the kind of place where our approach to regeneration can make a massive difference – a challenging, town centre brownfield site crying out for some vision.”

He added: “GM is leading the way when it comes to ensuring the whole region sees positive progress, not just the city centre. This fund has been specifically set up to help projects across the line.”

Capital&Centric has already benefitted from and paid back similar loans on Crusader and Phoenix.

In Altrincham town centre, CitiHaus won consent last August to redevelop Clarendon House into 68 apartments. 

CitiHaus is seeking a loan of £12.3m from the GMCA to support the development. 

Almost half of the apartments within the scheme will be available for shared ownership. 

The total value of offers of loans from the GMCA Housing Investment Loans Fund to date stands at £777.7m, supporting the delivery of 9,406 new homes. 

If the Capital&Centric and CitiHaus loans are approved next Friday, the value of loan offers will increase to £802.5m with the number of new homes supported rising to 9,571. 

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If almost half of the apartments within the scheme will be available for shared ownership, what is happening to the remainder. Are they to be sold outright or will they be social housing solely for rent by people who have no prospect of ever being able to buy even a tiny part of an apartment.

By PL, Altrincham

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