Greater Manchester housing loans top £450m

Six projects are due to receive a combined £14m from the Greater Manchester Combined Authority’s housing fund, in the latest wave of investments which would take the total value of loans issued since the fund’s launch to £456m.

Three of the schemes have been given approval under delegated powers for a combined £6m, while sign-off is sought for £8m to finance another trio of schemes, according to a report to the combined authority.

The developers seeking contributions from the fund include Rise Homes which has applied for a £5.1m loan to build 41 apartments on the site of the former Stagecoach depot in Moss Side.

The Princess Road scheme already received a £5.6m loan for the first phase of the wider development off Princess Road, which on completion will include 72 extra care apartments for social rent and a further 41 shared ownership apartments for over 55s, together with 30 family shared ownership homes and 24 houses for market sale.

Meanwhile, a 20-home scheme from developer Mulbury Homes is set to receive £2.6m from the fund.

The development, off Simpson Grove in Boothstown, Salford, will comprise of a mix of detached and semi-detached houses known as Simpson Gardens. The site was acquired from Peel Land & Property last February. PWA is acting as planner and Gallagher Technical & Design is the architect.

Finally, Greenstone Construction seeks £500,000 for a five-home scheme on Hillside Avenue in Oldham, for which planning permission was granted in July 2015.

The Combined Authority has approved funding totalling £6.2m under delegated powers for the other three developments in Urmston, Withington and Manchester city centre.

Developer Watch This Space is to receive £2.5m for its eight-house, Snook-designed scheme on Richmond Street in the Gay Village.

Terah’s Withington Bank project, under the developer’s Step Places brand, is to receive £2m from the fund. The scheme will see the construction of 12 apartments as part of a wider regeneration of the area around the former Natwest Bank, which closed in 2015.

Buttress is the architect for the scheme. Planning permission was granted in December 2019.

The third scheme with pre-approved funding is Urmston Green, an Ollier Smurthwaite-designed project from an entity called AH2 Developments. The project is to receive £1.6m for the construction of six homes on a site off Station Road. Paul Butler Associates is acting as planner. AH2’s directors are listed as Alex and Adele Hodari.

The total value of loans from the Housing Investment Fund approved by the Combined Authority to date is £448.1m, the report noted. If the recommendations are agreed, the value of loan offers would rise to £456.4m.

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