Historic mill’s future secured following agreement of Council debt financing

Stockport Council’s cabinet has approved debt financing for the restoration and regeneration of Weir Mill, one of the first schemes to benefit from the town centre’s Mayoral Development Corporation Investment Facility.

During a meeting on Tuesday 2nd November, the Council’s cabinet voted to provide debt finance to developers that will ensure the restoration of the 18th Century mill, which had fallen into disrepair before its purchase by Capital&Centric in 2020. The financing, in addition to a £7 million Homes England grant, will ensure the sensitive regeneration of the Grade II listed mill, and preserve the building for future generations.

It was remarked by councillors that the public investment in the project would be expected to help drive further investment from the private sector into future residential schemes within the Town Centre West area.

The scheme is one of the flagship developments planned for the regeneration of the Town Centre West area and will continue Stockport Council’s £1 billion town centre regeneration programme. The investment follows previous Council involvement in high-profile town centre projects, including the successful Redrock leisure complex and the ongoing development of the train station area and Stockport Exchange, the fourth phase of which was recently given the green light by planners.

The 253-home Weir Mill development was given planning approval in October, and will see the 18th Century riverside mill restored and converted to apartments by developers, Capital&Centric. The scheme also includes two new-build apartment buildings with ground floor retail space and two outdoor spaces.

Weir Mill is one of number of key residential schemes to move forward since the establishment of the Mayoral Development Corporation in 2019, which aims to deliver 3,500 new homes on brownfield sites in the town centre.