The scheme has a GDV of £85m. Credit: This Generation

Legacie secures £40m for long-stalled Salford project 

Work on the 300-apartment Embankment Exchange could restart after the developer agreed a loan with ICG Real Estate. 

The £85m development in the Greengate area of Salford was previously being developed by Elliot Group as The Residence. 

Work on the 36-storey project stalled in February 2020 following Elliot Lawless’s arrest as part of Operation Aloft, a police investigation into corruption relating to development and land deals within Liverpool City Council. 

Lawless has not been charged and denies wrongdoing. A search of his home by Merseyside Police was declared unlawful in April 2020.  

Legacie stepped in to buy the site out of administration last year for £12m, pipping a consortium of the project’s original investors, as revealed by Place North West. 

The developer said earlier this year that work was due to restart in February after a “multi-million-pound short-term loan” from Together Money was secured. 

However, while 80% of the apartments have been sold off-plan, work has not yet restarted. 

The £40m loan from ICG could now see work on the semi-completed scheme begin. 

“This is a significant moment for Legacie Developments,” said John Morley, chief executive of Legacie Developments. 

“I’m looking forward to pressing full steam ahead to deliver hundreds of quality new homes for Salford. 

“ICG’s investment will help us bring new life to an important part of a key Salford regeneration zone – unlocking jobs, training opportunities and local economic growth.” 

Jai Patel, managing director at ICG Real Estate, added: “We are pleased to be supporting Legacie with this exciting development in the Greengate district of Salford.  

“Manchester’s economic growth and strong employment market has led to the continuing need for city centre residential.”  

Designed by Jeffrey Bell Architects, Embankment Exchange would feature a spa, gym, residents lounge and bar, work-from-home booths and a 24-hour concierge.   

Your Comments

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Finally! Good news. Hope to see work commencing again soon

By Steve

How much did the original investors get re-paid? Will the original investors who bought apartments off-plan still get their contracted apartments? Why do folk pay money for not-yet-built apartments from a virtual legal entity: a so-called Limited Liability (no-liability) Thingy? Daft, I call it.

By James Yates

That whole area is ripe for development, from Greengate to Victoria North.

By Bernard Fender

Manchester is very brutalist, but it usually suits it and I have to admit that CGI looks pretty good. Am I right in thinking there are more towers behind it that are/have been built? If so it would be good to see the cluster together.

Well done Manc.

By Bored with the hate

The towers in Manchester look like council flats

By DH

From the previous related article: “Residence investors will receive a dividend as a result of the Legacie deal but will not get back their deposits in full, administrator David Rubin told Place North West. “

By HLS

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