- The Middlewood Locks scheme spans 25 acres and is already a popular neighbourhood within Salford. The approved plans are to develop the remaining 10 acres of the site.
- As will as the residential and commercial spaces, a new landscaped public square with event space linking the two plots is also included in the plans.
- The project represents a £1billion investment in property development in Salford, which is also expected to create over 7,000 jobs in the area.
Salford city council have approved plans for the next stage in the development of the award winning Middlewood Locks regeneration scheme. This exciting Greater Manchester property investment project already has over 1,200 occupants and this next phase will add almost 1,000 more apartments to this part of Salford.
Enhancing an already popular neighbourhood
The Middlewood Locks scheme spans 25 acres and is already a popular neighbourhood within Salford. The approved plans are to develop the remaining 10 acres of the site – including public space, apartment blocks and commercial space.
The first phase will create 659 residential apartments over two blocks, with the potential for some of these being available to invest in property. The two towers will be part 28-storeys and part 10-storeys linked by a podium garden and part 32-storeys and part 11-storeys. 18,000 sq ft of commercial space is reserved for the ground and first floors.
Following this phase, a further 250 residential apartments in a building of 15 and 11 storeys will be built. Alongside these potential opportunities for property investments in Manchester, there will also be 4,500 sq ft of commercial space and canal-side public areas.
As will as the residential and commercial spaces, a new landscaped public square with event space linking the two plots is also included in the plans.
A £1billion venture
Middlewood Locks is being led as a joint venture by regeneration experts Scarborough Group International (SGI), Metro Holdings Limited, a Singapore-listed property development and investment group, and Hualing Group, based in Urumqui, Xinjiang, in China.
The project represents a £1billion investment in property development in Salford, which is also expected to create over 7,000 jobs in the area.
The fruition of a 13-year plan
Paul Kelly, Development Director at SGI, said:
“This is fantastic news for us and our joint venture partners as we commit to complete our 13-year commitment to curate one of the largest new urban communities in Greater Manchester.
“The journey over the last six years has not only created a thriving new neighbourhood with over 1200 residents in occupation but also delivered considerable economic returns to the region.
“These next phases will complete the missing link, connecting Middlewood Locks with a seamless transition to the bustle of Manchester city centre, offering a tranquil new place to live and work that is both sustainable and convenient.”
What is property investment?
Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Property investments can be owned by individuals or organisations and can be short, long or medium term.
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