Salford City Council and Peel Land (Red City) Limited, a subsidiary of Peel Group, have completed the deal to set up a joint venture to deliver a £26m sports stadium.
Salford City Council and Peel have pooled their landholdings to create a single, 70-acre super-site which will transform the land at Barton where the stadium will be developed. It is the largest investment into sport that the city has seen and will deliver a 15,000-capacity venue for community use. The stadium will also be home to the Salford City Reds Rugby League Club from February 2011, as well as retail space planned for future development.
Tiffany Cloynes, real estate partner and head of public sector at Cobbetts, adviser to Salford City Council, said: "The partnership will deliver an important social and economic asset, which in turn will raise the profile of the city. Having worked with Salford City Council for many years, it is great to complete a deal that will be of such benefit to the area."
Outline consent exists for the project and a detailed application was submitted this month for a 20,000 capacity community stadium, two outdoor sports pitches, community changing facilities, car parking and landscaping. An outline application also went in for more than 200,000 sq ft of non-food bulk retail.
DWF acted for Peel.