One borough will get £56.3m of the first £400m wave of investment by the fund
How ‘Stockport 8’ development site might look
A Greater Manchester borough is set to receive one of the biggest sums of cash from Andy Burnham’s £1bn growth fund.
The mayor was today (Thursday) unveiling the mammoth project, with more than 31 development plans set to benefit people across the region.
Working with leaders across Greater Manchester, Mr Burnham has agreed a new approach to investment, with each of our 10 boroughs picking three priority projects.
Stockport is set to receive one of the largest allocations from the first wave of the £1bn Greater Manchester Good Growth Fund – £56.3m of a £400m first wave.
It will kickstart development, helping deliver ‘hundreds of new homes and create vibrant, well-connected and sustainable neighbourhoods in the town centre’, the council says.
If approved next week, £41.3m will be used to ‘unlock’ the Stockport 8 development – a new walkable and sustainable neighbourhood in the town centre with 1,300 energy-efficient homes, delivering 435 new homes in the first phase, including 82 for affordable rent.
A further £15m is set to be approved for the development of 245 new homes on a derelict office block and car park site on Fletcher Street in Stockport town centre.
The age-inclusive homes, set within an environmentally sustainable building between seven to 20 stories, will meet the Lifetime Homes standard, ensuring they are accessible, convenient and adaptable for all stages of life, according to officials.
The other priority scheme in Stockport is to expand the Mayoral Development Corporation to incorporate the entire town centre, delivering 4,000 new homes – 8,000 in total – a new school and health, a riverside park and improved transport links.
The front page of Thursday’s edition of the Manchester Evening News(Image: M.E.N.)
Leader of Stockport council, councillor Mark Roberts, said: “This is a huge vote of confidence in Stockport and the partnership-led approach that has transformed our town centre. The Good Growth Fund will turbocharge the next phase of regeneration in our town centre, helping us transform underused land into sustainable, thriving neighbourhoods with high-quality homes and places for people to come together.
“Stockport is already one of Greater Manchester’s success stories, and this investment ensures we continue to lead the way in regeneration and go even further and faster. This boost not only means new homes but new opportunities for everyone across our borough, with new jobs in construction, growth for businesses, better connectivity and ensuring our town centre continues to flourish for everyone.”
The new ‘bold and prudent’ growth fund will see proceeds from more lucrative investments – predominantly around the city centre – help fund projects in places that have been left behind. The first £400m worth of investment by the fund is expected to ‘unlock’ £1.3bn in private capital.
A computer generated image of what Stockport could look like(Image: Stockport Council)
Of the first 31 projects identified, 13 are set to have funding approved at a meeting next week with another four put forward in March. The rest of the priority projects will be part of the ‘integrated pipeline’ with additional schemes set to be announced every six months.
Andy Burnham said: “Greater Manchester is the UK’s economic success story of the past decade. Powered by devolution, our journey of growth has transformed our city region and is opening up opportunities that people could not have imagined 30 years ago.
“Greater Manchester is ready to pioneer a new model for economic growth – unlocking investment to build new homes, create good jobs, deliver infrastructure, and providing the everyday support that will enable everyone to live a good life.
“Good growth is the defining challenge of our age – and today we are setting out a serious, practical plan to achieve it.”