Eutopia Homes makes £105m Salford debut

Eutopia Homes is to develop a £105m build-to-rent and for-sale hybrid residential scheme in Salford, Greater Manchester. It is planning to deliver 500 apartments across two neighbouring sites in Ordsall. The scheme will be the third from Eutopia Homes after major developments in Birmingham and Exeter, with all three backed by investment from Chenavari Investment Managers. The site at 319-321 Ordsall Lane fronts the River Irwell to the east of MediaCity UK. It currently comprises office and warehousing, bound to the south west by industrial uses, with residential use to the north east. The area has seen an uptick in demand for residential development, with some 1,250 units planned for Ordsall Lane subject to planning consent. Eutopia Homes is headed up by former Essential Living partner Scott Hammond as chief executive. The developer specialises in acquiring unconsented sites close to transport hubs to bring forward large residential schemes through planning and development. The Salford scheme brings the development pipeline to almost 1,500 homes. It builds on plans for 480 homes and a 180-bedroom hotel at Camp Hill in Birmingham’s Digbeth, and more than 400 homes and a retirement facility at Prince Charles Road in Exeter. Eutopia is expanding across the regions after its launch in 2017. It has a goal to double the number of sites next year, targeting brownfield regeneration developments in university cities. Developers are increasingly turning to hybrid models for larger residential schemes, allowing them to de-risk with homes sold to institutions as well as individual buyers. This year, the High Street Group has pioneered this hybrid offering at scale in the regions, with additional developments from Cole Waterhouse and HUB promising a range of residential uses for a broader market. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette