Stockport Interchange JV seeks £9m injection for resi

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.