Urban Splash launches new year with a new partner
Award-winning regeneration company Urban Splash has kicked off the New Year by securing a funding agreement with the Greater Manchester Property Venture Fund (GMPVF) for its maiden hoUSe development in New Islington, Manchester.
The fund is part of the Greater Manchester Pension Fund, the country’s largest local authority pension fund. It has confirmed that it will provide backing to Urban Splash for hoUSe; its modular housing concept which allows customers to create affordable, bespoke, architect-designed homes.
Initially the agreement will see GMPVF invest in the delivery of the first 43 hoUSes, all of which have already been sold or reserved. Urban Splash director Nathan Cornish explained: “I am delighted that we have signed this deal with GMPVF and that we can commence the new year with another funding partner.
“The deal is a huge endorsement of our hoUSe concept which is now on site at New Islington. hoUSe is a modular housing scheme that we aim to roll out across the UK as one of the answers to the well documented housing shortages that our industry needs to tackle.
“hoUSe is becoming an ever more important part of our business model and we’ve completely sold out of the first phase of the scheme at New Islington, even before we’ve opened a show home. The backing from GMPVF gives us further confidence that we are investing in both the right product and the modern construction technology we are using to deliver it.”
hoUSe is currently being delivered in New Islington, one of Manchester’s most important regeneration areas. There, Urban Splash, working in partnership with Manchester City Council and the Homes and Communities Agency has already helped to facilitate the creation of hundreds of homes, plus key infrastructure including a medical centre, the New Islington Free School, the New Islington Marina and Cotton Field Park. Future developments of hoUSe will be confirmed in the New Year, with planning already secured in the North East and an application underway for a site on the River Irwell in Salford.
The deal for hoUSe at New Islington was completed with the assistance of Bilfinger GVA who are retained advisors for the fund. Director Jonathan Stanlake added: “We are tasked with sourcing commercially viable opportunities which positively contribute to the regeneration of Greater Manchester and the north west. hoUSe is a forward-thinking, industry-leading solution to housing.Add to that the impact that regeneration has made in the broader New Islington area and it was an obvious candidate for funding.”
The GMPVF is administered by Tameside Council and speaking on their behalf, Councillor Kieran Quinn – Chair of GMPF concluded: “The GMPVF is a blueprint for investment in Greater Manchester and is instrumental in driving growth in the region. I am delighted that we are able to announce the latest partner with whom we have chosen to work with on this development.”
The news is the latest in a series of partnership announcements from Urban Splash; the company is working with Places for People and The Pears Group on a number of its other developments around the UK.
