Shepherd and Wedderburn has advised on a £34.7 million funding deal that will lead to the construction of nearly 600 new homes.
Shepherd and Wedderburn supported FairBriar International in securing financial backing from the Homes and Communities Agency (HCA). This deal will support the development of FairBriar’s 24.5-acre Middlewood Locks mixed-use scheme in Salford, Greater Manchester.
The facility comprises £25.5 million of residential development finance to enable the fast-track delivery of phase two of Middlewood Locks. This phase will provide 546 new apartments across four buildings.
The remaining £9.2 million will help fund infrastructure and enabling works across the development, a residential and commercial neighbourhood located at the western gateway to Manchester’s central business district.
The Shepherd and Wedderburn team that advised on deal was led by Sally Morris-Smith, a partner in the London property and infrastructure team, working alongside Patrick Bell, Lucy Hall and Katy Fitzpatrick of the firm’s banking and finance team, and Andrew Blain, Head of Shepherd and Wedderburn’s Corporate Division.
Sally said: “This is one of the region’s regeneration projects, which promises to transform the local area and create much-need housing and valuable local amenities close to Manchester city centre. We are delighted that we were able to support FairBriar, a long-standing and valued client, in securing the substantial funding needed to progress the ambitious project that will make such a positive contribution to the local community.”
FairBriar International is a joint venture led by Leeds-based Scarborough International Properties.
Simon Marshall, Joint Chief Executive of Scarborough International Properties, said: “Major sites, such as Middlewood Locks, are key to meeting housing demand in areas of strong economic and demographic growth such as Greater Manchester.
"We look forward to working in partnership with the HCA through to the completion of this very important development.”
Nick Walkley, Chief Executive of HCA, added: “This loan is a great example of how we can help developers create new communities, which will provide more of the homes that people need, and do so quickly - completing almost 600 homes by this time next year.”
Currently under construction, the first phase of Middlewood Locks will provide 571 one-, two- and three-bedroom apartments, with the first wave ready to occupy in spring next year.
When completed, the scheme will provide 2,215 new homes, 900,000 sq ft of commercial space, a hotel and a new urban development.