CHANCELLOR George Osborne has announced a multi-million pound Chinese property investment to build 2000 homes in Salford.
The Tatton MP was in Xinjiang, China, on a trade visit to generate increased funding for the “Northern Powerhouse” proposal to boost economic growth in the north of England.
Middlewood Locks – a 21-acre brownfield site close to Spinningfields in Manchester city centre – is being developed by The Scarborough Group, who are being invested in by Hualing Industry and Trade Group.
It will be a £730m residential project in Salford incorporating a total of 2,000 residential units and about 750,000 sq ft of commercial accommodation.
Similar projects are also taking place in Leeds and Sheffield and are set to create 18,000 jobs and 10,000 new homes altogether at a cost of £1.2 billion.
— George Osborne (@George_Osborne) September 23, 2015
Plans including towerblocks up to 32 storeys high are to be publicised in Salford this week at the Ainscow Hotel on Trinity Way and St Philip’s Primary School on Barrow Street.
A decision by Salford City Council planners is expected by the end of 2015.
In a statement, Mr Osborne said: “We are building an ever closer relationship with China – it’s a partnership that is set to unleash growth and help regions like Xinjiang where we know investment can make a real difference, as well as unleash new growth back home, in places like our own Northern Powerhouse.”
Scarborough Group chairman Kevin McCabe added: “As a family business with its roots in the North, we are now very proud to bring our partners in China to the UK to invest in our great Northern cities and to accelerate the development of our major projects in Manchester, Leeds and Sheffield.”