North West Square | Funding deal clears way for Legacie to restart Salford tower
Legacie stepped in to buy the project from the administration. Credit: via this generation
Construction on a £90million residential project in the city’s Greengate area will resume later this month after two years of inactivity.
Legacie Developments has completed the acquisition of the site, which was previously developed by Elliot Group.
The 300-apartment project, then known as The Residence, was stalled in February 2020 after developer Elliot Lawless was arrested in connection with Operation Aloft.
Operation Aloft is an investigation into corruption related to development and land deals within Liverpool City Council. Lawless has not been charged and denies any wrongdoing. A search of his home by Merseyside Police was declared illegal in April 2020.
Legacie stepped in to buy the site from the administration last year, beating out a consortium of the project’s initial investors, as revealed by Location North West.
At the same time, the developer took over another outdated Elliot Group scheme, the three-tower Infinity development in Liverpool. Infinity and The Residence were designed by Falconer Chester Hall.
Since purchasing the Salford site, Legacie has renamed the Embankment Exchange residential project.
The apartments are offered for sale by RWInvest. Prices start at £179,950 and around 80% of homes have been sold so far, according to the RWInvest website.
RWinvest, which describes the Greengate area as “Manchester’s answer to Brooklyn”, says buyers will see a 6% return on investment.
One-bedroom properties will net investors £10,500 a year, while those buying two-bedroom properties will get £16,600 a year.
A spa, gym, resident lounge and bar, work-from-home cabins, and 24-hour concierge are among the development’s features.
Under Elliot’s ownership, the development’s 34-storey tower core was built, but the site has seen no activity for two years.
A “multi-million pound short-term loan” with lender Together Money means Legacie can now pick up where Elliot left off.
“I am personally thrilled that we have been able to step up and deliver an exciting new vision to create a contemporary, state-of-the-art residential tower,” said John Morley, Founder and Managing Director of Legacie Developments.
“It’s fantastic to have the support of Salford City Council for our work as well and I hope we create a development that they and the whole of Manchester can be proud of.”
Ritchie Watson, director of business loans at Together, said: “It is fantastic to see our funding breathe new life into this scheme, which should now be one of the most impressive residential buildings in the region and provide housing essential to the constant expansion. Manchester Residential Market.