The Homes and Communities Agency has given a £34.7m funding boost for phase two of the £700m Middlewood Locks scheme in Manchester.
Joint venture FairBriar International – a partnership between developer Scarborough International Properties, Chinese firm Hualing Group and Singapore-listed developer Metro – will now accelerate the delivery of phase two.
Around £25.5m funding will be pumped into the delivery of 546 homes, which will be built across four buildings and total 360,129 sq ft.
The remaining £9.2m will support infrastructure and enabling works across the development.
Chinese contractor Beijing Construction and Engineering Group International (BCEGI) is currently delivering phase one of the £700m scheme.
According to a spokesperson for Scarborough Group, BCEGI is expected to sign a contract to deliver the second phase of the development.
Scarborough International Properties joint chief executive Simon Marshall said: “We are very appreciative of the HCA’s support, which will enable us to accelerate the delivery of much-needed homes for local people.
“Major sites such as Middlewood Locks are key to meeting housing demand in areas of strong economic and demographic growth such as Greater Manchester.”
When completed, the overall scheme will provide 2,215 new homes, 900,000 sq ft of commercial space, a hotel and a new urban development.