Stockport receives £56 million from GM Good Growth Fund in ‘vote of confidence’ in regeneration

With Stockport set to receive one of the largest allocations from the first wave of funding from the GM Good Growth Fund, Stockport Council Leader, Cllr Mark Roberts, has welcomed the move as “a vote of confidence” in the town’s ongoing transformation.

Yesterday (20 November), Greater Manchester Mayor, Andy Burnham, announced the launch of the £1 billion GM Good Growth Fund that sets out a new model for inclusive economic growth.

With Stockport receiving £56.3 million and at the heart of Greater Manchester’s plans, the fund was announced in Stockroom, Stockport’s new cultural and creative space and the most recent flagship development in the town centre’s regeneration.

Of the first £400 million of investments to be released from the fund, Stockport will receive the largest share of the city-region’s boroughs after Manchester. £56.3 million will be allocated to Stockport redevelopment projects and unlock development that will deliver hundreds of new homes and create vibrant, well-connected and sustainable neighbourhoods in the town centre.

•  £41.3 million will accelerate the delivery of 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.
•  £15 million to support the development of 245 new homes on a derelict office block and car park on Fletcher Street. The age-inclusive homes, set within an environmentally sustainable 7-20 storey building, will meet the Lifetime Homes standard, ensuring they are accessible, convenient and adaptable for all stages of life.

The investment builds on the success of the Stockport Mayoral Development Corporation (MDC), which has already driven regeneration across the west of the town centre with projects including the multi-award-winning Stockport Interchange and Weir Mill. The MDC has so far attracted £600 million in private investment and delivered 1,200 new homes, alongside 170,000 sq ft of Grade A office space.

Pending Parliamentary approval, plans are in place to triple the MDC boundary eastwards to incorporate the entire town centre, paving the way for an additional 4,000 homes (8,000 in total), a new school and health hub, a riverside park and improved transport links.

The MDC’s brownfield-first, public-private partnership model is a blueprint for urban renewal across the UK and is being replicated in other areas of the region to drive economic growth and housing, such as with the Old Trafford Regeneration scheme. Over the past decade, Greater Manchester has become the UK’s fastest-growing city region, with annual growth and productivity outpacing the national average. The new model of economic growth looks to include every part of the city region. By helping maintain its current growth levels of 3.1%, Greater Manchester could add a further £38 billion to the UK economy by 2035.

Leader of Stockport Council, Cllr 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.”

Mayor of Greater Manchester 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.”