Funding deal paves the way for Legacie to restart Salford tower  

Construction of a £90m residential scheme in the city’s Greengate district will recommence later this month after two years of inactivity. 

Legacie Developments has completed its acquisition of the site, which was previously being developed by Elliot Group.  

The 300-apartment project, then known as The Residence, stalled in February 2020 following developer Elliot Lawless’s arrest as part of Operation Aloft.  The Residence was designed by Jeffrey Bell Architects.

Operation Aloft is an 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, pipping a consortium of the project’s original investors, as revealed by Place North West.

At the same time, the developer took control of another staled Elliot Group scheme, the three-tower Infinity development in Liverpool. 

Since buying the Salford site, Legacie has rebranded the residential scheme as Embankment Exchange. 

The Residence stalled in 2020. Credit: Place North West

Apartments are being marketed for sale by RWInvest. Prices start at £179,950 and around 80% of the homes have been sold so far, according to RWInvest’s website. 

RWinvest, which describes the Greengate area as “Manchester’s answer to Brooklyn”, claims that buyers will see a 6% return on their investment.  

One-bedroom properties will make investors £10,500 a year while those who buy two-bedroom properties will get £16,600 annually. 

A spa, gym, residents lounge and bar, work from home booths and a 24-hour concierge are among the features of the development.  

Under Elliot’s ownership, the core of the development’s 34-storey tower was constructed but the site has seen no activity for two years. 

A “multi-million-pound short-term loan” with lender Together Money means Legacie can now pick up where Elliot left off. 

“I am personally delighted that we have been able to step up and put forward an exciting new vision to create a contemporary, state-of-the-art residential tower,” said John Morley, founder and managing director of Legacie Developments. 

“It is fantastic to have the support of Salford City Council for our work too and I hope that we will create a development that they and the whole of Manchester can be proud of.” 

Ritchie Watson, corporate lending director at Together said: “It’s fantastic to see our funding breathing new life into this scheme, which is now set to be one of the area’s most impressive residential apartment blocks and provide much-needed homes to the ever-expanding Manchester residential market.”