Stockport town centre’s major leisure and retail development, known as Bridgefield, will be considered by Stockport Council’s Executive on Tuesday 17 December as the Council plan to take out a £43m loan to fund the development.
The plans, which were granted outline planning permission in December 2012, include a nine-screen cinema, food and drink outlets, shops and new 400-space multi-storey car park on land to the rear of Princes Street. Refurbishment of the existing Debenhams, improvements to the frontages of surrounding buildings and improved public areas are also a part of the proposals.
If the recommendations are approved, the Council am to borrow the money to fund the development and secure a cinema operator and food and drink outlets. The income from rents, growth in car parking revenue and increase in business rates would be used to repay the loan.
By offering leisure activities such as the cinema, the development would attract more visitors to the town centre, providing extra custom to existing shops and encouraging more people to stay into the evening. This will be vital in keeping local businesses in the town centre, attracting further investment and creating jobs.
The development is part of the Council’s ‘Investing in Stockport’ programme – a plan to invest in key projects throughout the borough which will generate economic growth, create jobs into the future and build strong communities.
A detailed and robust financial model has been developed to make sure the scheme would be financially viable for the Council and Council-tax payers.
If the recommendations are approved, the Council would plan to appoint a contractor in autumn 2014, start work on site in early 2015 and be open for business by autumn 2016.
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