Real estate developer Fairbriar International has been handed planning consent for the first phase of 571 homes at Middlewood Locks in Salford.
Construction is expected to start in 2016, with the first residents moving in by the middle of 2017.
The deal for this first phase also includes plans for around 12,000 sq ft of convenience stores and restaurants, as well as canalside footpaths and cycle ways that will connect into Manchester city centre.
Sandwiched between Chapel Street and Oldfield Road, the 24 acres of derelict brownfield land centred around three basins of the Manchester, Bolton and Bury canal was abandoned in 1961 and never redeveloped.
But in March 2015 Salford City Council granted outline permission for Fairbriar International to go ahead with up to 2000 homes at Middlewood Locks.
FairBriar International is a joint venture between Scarborough, China’s Hualing Group, and Metro Holdings Limited, a Singapore-listed property development and investment group.
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When complete – and estimates on this vary anywhere from 2020 to 2024 – the whole scheme will include a hotel, a gym, and 750,000sq ft of commercial space split between delis, restaurants, retail outlets and large office buildings.
Scarborough Group’s own estimates put the gross development value of Middlewood Locks at £700 million; some £125 million more than when the plans were first announced.
It also says that the development will create more than 7,000 jobs for the local region.
Lee Savage, Development Director of Scarborough, said: “This is fantastic news.
“Over the past year, we have worked closely with the members and officers of Salford City Council and consulted with all the local communities and interested groups to achieve this milestone for Middlewood Locks.
“We can now concentrate on delivering a development of which Salford and Greater Manchester can be truly proud.”
