Urban Splash has agreed an extended funding facility with the Greater Manchester Property Venture Fund to develop residential sites starting with the first project under the developer’s hoUSe concept at New Islington, Manchester.
GMPVF, part of the Greater Manchester Pension Fund, will initially invest in the delivery of 43 hoUSes at New Islington, all of which have already been sold or reserved.
Nathan Cornish, director of Urban Splash, said: “The deal is a huge endorsement of our hoUSe concept which is now on site at New Islington. hoUSe is a modular housing scheme that we aim to roll out across the UK as one of the answers to the well-documented housing shortage that our industry needs to tackle.
“hoUSe is becoming an ever-more-important part of our business model and we’ve completely sold out of the first phase of the scheme at New Islington, even before we’ve opened a show home. The backing from GMPVF gives us further confidence that we are investing in both the right product and the modern construction technology we are using to deliver it.”
The level of funding agreed has not be disclosed but is a revolving facility, allowing Splash to draw down further funds after each development is completed.
hoUSe is currently on site in New Islington. The project was designed by architect shedkm.
Splash has already helped to deliver hundreds of homes, a medical centre, New Islington Free School, New Islington Marina and Cotton Field Park in the area in earlier phases.
Future developments of hoUSe will be confirmed in the New Year, with planning already secured in the North East and an application underway for a site on the River Irwell in Salford.
The deal for hoUSe at New Islington was completed with the assistance of Bilfinger GVA who are retained advisors for the fund. Director Jonathan Stanlake added: “We are tasked with sourcing commercially viable opportunities which positively contribute to the regeneration of Greater Manchester and the North West. hoUSe is a forward-thinking, industry-leading solution to housing. Add to that the impact that regeneration has made in the broader New Islington area and it was an obvious candidate for funding.”
GMPVF is administered by Tameside Council.