Lampwick New

Manchester Life gets £25m housing fund loan for Lampwick

A loan of £24.5m for Manchester Life’s 213-home Lampwick development has been backed by the Greater Manchester Combined Authority, as part of the latest round of Greater Manchester Housing Investment Loans Fund approvals.

The GMCA has agreed to support Manchester Life’s private-rented development in New Islington, which has been designed by architects CallisonRTKL. It includes three blocks ranging between five and 10 storeys in height, and will also include 3,200 sq ft of retail space on ground floor level.

Plans for the project were submitted in May this year and approved in July.

It is the third project by Manchester Life, which is a joint venture between Manchester City FC owners Abu Dhabi United Group and Manchester City Council, to secure a loan from the Greater Manchester Housing Loan Fund this year.

Loans for Vesta, a Rafael Vinoly-designed housing project on the Ashton Canal, and New Little Mill, a grade two-listed building in Ancoats, were approved earlier this year.

Other projects to be backed by the Housing Loan Fund include a 24-home development by Mulbury in Weaste, which has been given a loan of £1.7m. Mulbury Homes has planning permission to build the affordable houses on a brownfield site at Willows Road.

Developer Breckside Estates has secured a £4.5m loan to build 44 detached and semi-detached homes at the former Clarkesville Farm site in Crumpsall. The privately-owned development already has planning permission.

Hurstfield Developments has secured a £1.4m loan for eight homes on a brownfield site on Hurstfield Road in Worsley, while a £1.1m loan has been agreed for Square One Homes to build 10 apartments on a privately-owned brownfield site on Bridgwater Road in Altrincham. Both projects already have planning permission.

The loans, totalling £35.6m, were agreed at a GMCA meeting on 27 October.

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I’m confused, why can’t well resourced middle eastern investors use their own risk capital.

By Rich

Why would they if they can get away with this…

By The Old Faithful

Surely the whole point of a partnering with a sovereign wealth fund is to avoid financing difficulties and the need for public funding.

By Hmmm

It is a loan and that loan will be paid back with interest.. if you can get a loan and pay back a little bit of interest you are still making money from your investment and you still have your own capital that you can invest elsewhere. It’s about risk sharing and that’s business. People who are very rich are very rich because they use other people’s money very wisely…

By MancMan

I’m considering building a granny annexe on my house. Can I borrow some cash please? I am a Council Tax payer already.

By Dave

Sure thing Dave.

First things first, lets see your appraisal on said annex and business plan on how you are going to be able to pay the loan back.

By Mis-Manager

Mis Manager: My granny can pay me her pension as rent, and my mate Keith will do the building work for a couple of grand, cash.

By Dave

The loan will be paid back by exploiting the tenants. The tenants will also pay council tax. They will own nothing and must continue on this treadmill until further notice.

By Jonty