Trafford loans Salboy another £16m for Castle Irwell 

Having already given the developer £31m for the Salford housing scheme, the authority has committed an additional £16m for the project’s final phase. 

Trafford Council has backed each stage of Salboy’s 367-home Castle Irwell project, the redevelopment of the former student village of the same name into houses. 

A £19.6m loan for phase one has already been repaid in full. Trafford loaned Salboy an additional £11.4m for phase two and its phase three facility will take the total amount lent for the scheme to £47m. 

Phase three of the £120m redevelopment project will see 104 homes delivered across a 6.7-acre chunk of the wider 36-acre site. 

The original plan for this part pf the site had been for 237 apartments across a range of blocks. However, the proposals were tweaked after consultation with the public. 

Salboy’s sister company Domis Construction has completed the 157-home phase one and is nearing completion of the 106-home phase two.   

Trafford Council has calculated that the latest loan will provide a revenue return of £250,000 in 2023/24.