Town centre apartment scheme secures GM Housing Investment Loan

A development of 34 apartments in Stockport town centre will move forward after GMCA approved a £5.4 million loan from the GM Housing Investment Loans Fund.

Plans for the 34-apartment scheme on a former MOT test centre between Apsley Street, Wellington Street and Churchgate in Stockport town centre were originally approved by Stockport Council in 2021. While the MOT test centre occupying the site relocated to new premises later that year, no construction started on the site.

The developer behind the scheme, Apsley Street Developments Ltd, sought a loan of £5.399 million from the GM Housing Investment Loans Fund to bring forward the new homes, with GMCA recommended to approve the funding at its meeting on 31st January 2025.

Plans for the scheme, which will occupy a brownfield site close to Robinsons’ Unicorn Brewery site, comprise a mix of one- and two-bedroom apartments. The scheme will not include any affordable housing provision, however, developers agreed a £150,000 contribution contribution towards local open space and children’s amenities, and a £160,000 payment to support delivery of affordable housing elsewhere in Stockport as part of a S106 agreement with Stockport Council.

The GM Housing Investment Loans Fund has provided over £1 billion of loans to bring forward new homes across Greater Manchester since it was established in 2015, with other Stockport projects supported including the redevelopment of the former Royal Mail sorting office in the town into 117 build-to-rent apartments. The city-region set out plans to extend the fund in Summer 2024.