Loan funding from the Homes and Communities Agency and Close Brothers has allowed a joint venture between UK Land & Property and McAlpine to re-start work on the scheme, now renamed Sarah Point Nuovo.

The HCA has invested £6m into this project via a loan from the Get Britain Building programme. This is in addition to £4m which the Agency had previously invested into the scheme. The loan finance from Close Brothers is their first significant investment in the north since 2008.

Simon Parker from Nuovo Apartments said: “We are delighted to have completed funding agreements to get this scheme moving.

“We expect the 40 low cost home ownership units, which will be delivered with Adactus Housing, to be completed in the summer next year, and the remaining 126 high quality open market for sale apartments to be ready for occupation in the autumn of 2014.”