Eccleston Homes is set to secure a £3.5m loan from the Greater Manchester Combined Authority to bring forward a development of detached homes in Bolton, none of which have been classified as affordable.
The housebuilder received planning consent for the development of 27 homes on the brownfield site last November, and signed a Section 106 agreement with Bolton Council last month. Access will be via Temple Road, which is predominately a residential area.
Eccleston will build five three-bed and 22 four-bed homes for open market sale on the site. As none of these are classed as affordable, the housebuilder will make a contribution of £25,000 to off-site affordable homes in the borough. Lichfields acted as planner for the project.
The loan funding for the project will come from the Greater Manchester Housing Investments Loan Fund, and the Greater Manchester Combined Authority is expected to sign off the funding at a meeting next week.
The report to the GMCA said the development would provide “much sought after quality family accommodation within Bolton, and the loan enables the developer to accelerate delivery of other schemes within its pipeline”.
If approved, Eccleston’s loan will bring the total value of loans through the fund to nearly £411m.
Other loans the fund has approved in the last six months include £5.6m to contractor Rowlinson to build 92 apartments in Moss Side, Manchester. Manchester Life’s Lampwick development in Ancoats, which includes 213 apartments, also secured a £24.5m loan in November last year.
The GMCA will meet on Friday 27 April.