Meanwhile, the second reserved matters application is for 250 residential apartments within an L-shaped building that steps down from 15 storeys to 11 storeys. There will be a 4,500 sq ft commercial space provision with extensive public realm for residents and visitors.
A new landscaped public square linking the two plots is also included within the application.
Updated consent is also being sought as revisions to the existing masterplan for the remaining neighbourhood. This includes the potential to deliver a combination of significant Grade A workspace and circa. 1,000 new homes.
A hotel and multi-storey car park form a part of the masterplan alongside further public realm around the canal basins including a canalside park, helping to open up safe pedestrian access under the railway arches and create better links to Manchester city century. The buildings would vary from 10 to 25 storeys high.
The applications follow news that both phases one and two, comprising 1,117 apartments, have now sold out. The next phase of homes – The Railings comprising a further 189 apartments and townhouses – has also been announced.
Paul Kelly, development director at SGI, comments: “We are delighted to progress plans for the next significant stage of development at Middlewood Locks and demonstrate our commitment to press ahead with the next phases of this strategic mixed-use regeneration project.”
“Over the last five years, we have successfully delivered exceptional residential space and public realm to create a new neighbourhood with a real sense of place. This next phase seeks to connect Middlewood Locks with a seamless transition from the bustle of Manchester city centre through to a more tranquil living environment that is both sustainable and convenient.”
Middlewood Locks is a joint venture between Scarborough Group International, Metro Holdings Limited, a Singapore-listed property development and investment group, and Hualing Group, based in Urumqui, Xinjiang, in China.
When completed, it will provide a total of 2,215 new homes and 900,000 sq ft of commercial space, including offices, hotel, shops, restaurants, MSCP and gym. The scheme is being developed around three large basins of the Manchester, Bolton and Bury Canal which connect to the River Irwell and is a short walk from the central business district and retail amenities of Manchester city centre.
Overall, the site has a gross development value of more than £1 billion and is expected to create more than 7,000 jobs for the area. Five years under development, Middlewood Locks has already made a considerable economic impact, supporting 5,555 jobs. The total local economic benefit to the Greater Manchester sub-region for phase one at Middlewood Locks is £131.5 million, representing an LM3 Ratio of £1.54 for every £1 investment.
Approximately 37% of the total project turnover was spent with suppliers from the sub-region, generating an additional £46.5m in the Greater Manchester economy.
The Island Quarter set to create “a new city within a city”
The Island Quarter will create “a new city within a city” and represents an opportunity unlike any other in the UK, according to the developer behind the major scheme.
Robert Ware, chief executive of The Conygar Investment Company, says that work on the 36-acre site is progressing at pace, with the first phase of the development set to open to the public in early next summer.
The developer has confirmed that the scheme has been included in Nottingham City Council’s bid for the Levelling Up Fund, which could potentially provide significant funding for some of the infrastructure works required to unlock areas of the site.
Ware comments: “We’re very pleased with the progress of work on the site’s first phase, Canal Turn. There are very few cleared central sites in major European cities with this potential to create and curate an entire community and, when you combine that with the fact that Nottingham has one of the youngest demographics in the UK, you can see why we are so excited by the scale of the opportunity and what it can bring to the city.”
Once complete, Canal Turn will bring a new three-storey restaurant, bar and exhibition space to the city’s waterfront, as well as a canalside plaza and outdoor stage for events.
Planning applications have been submitted for a cohesive-use building incorporating hotels, rental apartments and office space, which will sit adjacent to Canal Turn and also a purpose-built 702-bed student accommodation project, situated on the Manvers Street side of the vast site. With designs developing for other projects on site, the overall plan for the entire site are proceeding apace.
Ware continues: “While we already have investment in place to support the development of the various phases that make up the site, the Levelling Up Fund allows us to accelerate work on-site so that Nottingham can make the most of the economic benefits of The Island Quarter as quickly as possible.”
“There are major infrastructure works that need to take place on-site to enable this, and grant funding will mean that this can take place immediately and, crucially, speed up delivery.”
“We are in a prime position for the grant funding because we are already on-site and can guarantee we will use the funds immediately to show real results.”
The site is also expected to help support the city’s ambitious climate targets, with an aim to bring high-performing, environmentally friendly buildings, and improved green-blue infrastructure with a focus on sustainable and recycled building materials.
Ware concludes: “It’s also important to make clear that this won’t be a concrete jungle. We want to introduce beautiful, open green spaces for people to relax and enjoy, as well as reimagining the waterfront overlooking the canal and bringing to life a neglected part of Nottingham.”
“The Island Quarter will be a new city within a city, complementing the best Nottingham already has to offer with its own unique proposition.”
Aldermore provides £4.2m loan for resi Newcastle scheme
Aldermore Bank has provided a £4.2 million commercial residential refinance loan to returning customer, McIver Homes, an independent housebuilder and build-to-rent developer in the North East of England.
McIver Homes is a family grown business that employs local people to support the local communities in which they build in and currently has a portfolio of 69 rental properties across the North East of England.
The loan will be used to refinance 41 apartments and 28 houses across three sites outside Newcastle upon Tyne. Two of the sites are situated in Wallsend and one in Walkergate.
This follows Aldermore’s last deal with McIver Homes, a £6.4 million property development loan financing the redevelopment of a former timber yard within the Ouseburn Valley. This latest deal will add to their growing residential portfolio.
Michael Graham, senior lending manager at Aldermore, comments: “Aldermore has worked with James and McIver Homes for several years now and our relationship with them has continued to go from strength to strength. This latest deal is a good example of how we’ve stepped up to provide funding when traditional lenders are stepping back.”
James McIver, founder of McIver Homes, adds: “McIver Homes have been really impressed by the way Michael Graham and everyone at Aldermore has worked so hard to hit tight deadlines and complete this deal in a short space of time.”
“Aldermore is there to back SMEs like ours, which in turn will allow us to grow and achieve our objectives of being a quality developer with a commitment to build homes which people are proud to live in. We’re looking forward to strengthening our relationship with Aldermore in the future and build on the successes gained over the last few years.”