Month: October 2016

HCA chairman rally cry

31/10/2016

Homes and Communities Agency chairman Sir Edward Lister gave a rally cry for house building on a visit to Manchester.

Surveying the city from the vantage point of Cloud 23 at the Hilton Hotel he told a gathering of the region’s developers: “We have the land, we have the money and we have the planning will. We now need you to play your part.

“Manchester and the North West region is doing great things to help deliver our target of new home numbers but we can still do more.”

He was in the city to bid farewell to head of area Deborah McLaughlin, who is leaving the HCA for a role in the private sector. The former chief executive of Manchester Place, she will also step down from her current role as vice-chair of the partnership.

Sir Edward said: “I have visited Manchester and the wider region five times since taking up my role in June and the pace of change is impressive. “

Danielle Gillespie, current Head of Strategy, Programme & Performance will pick up the head of area role until the results of the HCA review are known next year.

Greater Manchester has a devolved Housing Fund of £300m to help finance residential development across the region.

Advice on applying can be found here: http://manchesterplace.org.uk/funding

Details of the Government’s Home Building Fund can be found here: http://www.gov.uk/homebuildingfund

 

 

 

How the Greater Manchester Housing Fund Is Helping Development

24/10/2016

The Greater Manchester Housing Fund is supporting the conversion of a Grade II listed church and the development of 14 new build family homes in Hyde.

Manchester based developer Nook and Key approached the Fund after seeing a banner on a site in Manchester city centre.

Director Ross Gardner said: “We actually had our finances lined up with about seven offers from different institutions and were all set to go but after seeing the banner for the GM Fund we arranged to meet the team and we are really happy we did.”

The Fund agreed a £2.5m loan with an additional £1.1m from the Homes and Communities Agency.

The monies represent 85% of the development costs of the scheme and Ross added: “The fees are comparable to institutional lending but more crucially the amount allows us to free up our own equity and look at other sites and more schemes.

“It is a partnership and makes us as a small business a more attractive and safer proposition. It opens up avenues for other private investors and allows us to grow faster.”

The Church, St Stephens in Floweryfields, will be converted into 16 large one and two bedroom apartments in a scheme designed by Millson Asociates. All the apartments and the three and four bedroom houses will be for sale.

Full planning permission and listed buildings consent was granted by Tameside Council and work is due to start this month. The new build and the conversion will both start at the same time.

The company’s previous development is Heathfields in Salford, which is now sold out.

Director Mike Hampson said: “We have discovered that there is a lot of added value working with the fund rather than with a bank. We have received a huge level of support, not just financial but with the strategic positioning of the company and we were introduced to Manchester Place that may lead to more opportunities going forward.

“The Fund Team came out to see what we do. The quality we want to achieve and the mix of properties we will create in Hyde. Unlike a bank the Fund has the same goal as us – we want to build more houses. All our ambitions aligned.”

The 10-year GM Housing Fund has £300m to loan to viable housing schemes across combined authority area and the team is keen to hear from small and medium sized developers to see how construction can be accelerated.

More than £100m of loan funding has already been agreed but Fund manager Andrew Macintosh said: “We would encourage developers of all sizes to come and speak to us. Nook and Key are a perfect example of how working together we can get a wide range of housing get on-site and building more quickly.”

Two other loans were also agreed in the latest round: £10m to Waterside Places for 89 apartments and 12 townhouses at Islington Wharf and £6.9m to Azar Estates to build 24 houses on a site in Northenden Road, Sale.

You can find more details on this website under Funding or ring and speak to Martin Ewell on 07773 572703

 

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New plans for Moss Side

24/10/2016

A large-scale residential scheme for 258 new homes on the former Stagecoach site at Moss Side has been submitted for planning.

The cleared six-acre site fronts Princess Parkway and neighbours the successful Bowes Street regeneration area.

The proposal is from Rowlinsons Constructions, which won the bid for the site, with Buttress Architects designing two and three storey modern terraces of 54 family homes, alongside 204 one to three bedroom apartments, 72 of which will be for retirement living.

Plans for a community health hub have also been lodged as part of the planning application.

David Chilton, Director of Development at Rowlinsons Constructions, said: “By increasing the choice of housing in the area we are also aiming to cater to the needs of Manchester’s growing population by encouraging more families to settle in Moss Side.”

The site was marketed through Manchester Place and chief executive Paul Beardmore said: “It is good to see plans come forward for this key site and the new homes will help meet demand and support the on-going regeneration of the area.”

 

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Busting the capacity myth

20/10/2016

House building in Manchester is at its highest rate for six years with 9,000 new homes expected to complete by the end of 2018/19.

But just released data reveals that a continued increase in population, coupled with years of under supply means even the current building boom will fail to meet demand.

And while by 2019 the pipeline comes closer to fulfilling rental and buyer demand the city will remain consistently under supplied by more than 2,000 units a year – more than 1,000 of those needed in the city centre alone.

Manchester Place chief executive Paul Beardmore presented the analysis of the current housing boom pipeline and the long-term demand during a Business Showcase session at MIPIMUK .

He said: “While we are currently seeing large scale residential development, primarily in the city centre, we are a long way from being at capacity.

“All the forward looking data indicates that Manchester will continue to have a shortfall of housing and we need to ensure a steady supply chain for decades to come to support continued economic growth.

“What we have at the moment is chronic under-supply and when the developments currently under construction come to market they will simply mop up this latent demand.”

And the data shows that while entry-level stock could be absorbed by 2020 the need for mid range and premium stock will continue to be un-met up to 2024 and beyond.

 

Paul added: “It is very clear both from the research and from seeing the market first hand that there is pent up demand from both owner occupiers looking for high quality homes in the city to purchase and from renters looking for a quality rental product.

 

“There is an opportunity to expand the city centre market into surrounding areas such as the Irk Valley, Holt Town and Lower Medlock to accommodate quality homes for sale and rent.”

 

The full presentation can be downloaded here:mipim-uk-final

 

 

 

Three new developments secure funding

03/10/2016

Three residential schemes have secured loan funding from the Greater Manchester Housing Investment Fund.

The recoverable investment of £18.2m will help deliver 150 new homes on sites in Hyde, Sale and Manchester city centre.

The loans were approved by Greater Manchester Combined Authority and planning and housing lead Cllr Richard Farnell, said: “Investment in new housing is investment in Greater Manchester’s economy, providing much-needed quality housing for our residents and workers while supporting local house builders.

“The Greater Manchester Housing Fund has provided us with the tools to kickstart new developments, with more than £100m now committed. We’re pleased to be able to support these three schemes, highlighting the importance of taking decisions locally for the benefit of local people.”

The schemes in detail:

  • £2.5m to Nook and Key Ltd for the refurbishment of St Stephen’s Church in Hyde to create 16 apartments and build a further 14 houses on the surrounding site.
  • £6.9m to Azar Estates Ltd to build 24 houses on a site at  Northenden Road, Sale.
  • £10m to Waterside Places for 89 apartments and 12 townhouses at Islington Wharf, Manchester.

The Greater Manchester Housing Fund was established as part of Greater Manchester’s devolution deal to support developers in delivering new homes across the city region. The Housing Fund has already committed more than £100m in housing projects across Trafford, Oldham, Manchester, Bury and Salford

If you think the Fund could help your housing project get off the ground please get in touch for informal guidance and advice.

Contact – Martin Ewell on 0161 234 4061 / 07773 572703 or e-mail m.ewell@manchester.gov.uk