Stockport Interchange CGI(2)
Cityheart is partnering with Rise Homes to deliver the residential element of Stockport Interchange

Stockport Interchange JV seeks £9m injection for resi

Dan Whelan

The Greater Manchester Combined Authority is expected to approve an equity investment for the 196-apartment scheme, as well as loans totalling £6.5m for two Salford projects. 

Cityheart and Rise Homes, the joint venture delivering the Stockport Interchange homes, are seeking £9.3m from the GM Housing Investment Loans Fund. 

If the bid is approved, it will take the total amount of equity investment awarded from the fund to £26.3m since it was launched in 2014. 

In Salford, a joint venture between developers Salix Homes and Step Places is seeking a £5.1m loan from the fund to build 66 homes as part of a wider 157-home project in on Kara Street. 

The developers bought two sites totalling 3.8 acres from Salford City Council for £3.2m in April. 

In addition, the GMCA is to sign off a £1.4m loan for local developer Newpark Gables, which is delivering a seven-apartment project in Broughton, Salford. Plans for the development were approved last November. 

Valued at £300m when it was established, the housing fund is now worth more than £500m as interest paid on loans is funnelled back into the pot. 

Last December, the combined authority agreed loans of £37.5m and £32.4m from the fund to support the development of almost 1,000 apartments across two Renaker schemes, Colliers Yard and Blade. 

Your Comments

Read our comments policy here

It’s useless building homes when there’s no proper shopping area in the centre

By Valerie Concar