Consortium unveils billion-dollar homes, commercial scheme near Manchester

LONDON - Ambitious plans backed by a China-based company were unveiled Thursday for a redevelopment project at a key gateway site into Manchester costing more than 700 million pounds ($1.1 billion).

Real estate property developers Top Spring International is a key player in the project as part of a joint venture with developers, Scarborough and Singapore-based property and investment group Metro Holdings.

The scheme will see 2,000 new homes built along with 70,000 square meters of commercial development, all centered around three canal basins at Middlewood Locks in Salford. Commercial uses will include offices, hotel, shops, delicatessens, restaurants, a convenience store and a gymnasium.

The development site of almost 10 hectares is on the border between Salford and its next door neighbor Manchester, meaning residents of Middlewood Locks will be within walking distance of a city said to be at the epicenter of the proposed new "Northern Powerhouse".

A launch party Thursday to unveil the project was attended by the Mayor of the City of Salford Ian Stewart.

His council has already backed the project and the aim now is to start work on the ambitious scheme before the end of 2015.

The project will also involve the creation of extensive new public realm in the form of canal-side footpaths and cycle ways connecting directly into Manchester city centre.

Mayor Stewart said: "This is a unique site with so much potential to deliver new homes, commercial opportunities and new jobs whilst maximizing our riverside and canal assets. It is one more step towards the extensive transformation of this part of the regional center which will enable the cities of Salford and Manchester to deliver the growth necessary to meet the economic challenges we face at a national level."

Top Spring, based in China and listed on the Hong Kong Stock Exchange, is carrying out 25 projects across China, as well as Manchester. Its latest annual report says its current schemes span over 5.6 million square meters.