A new 'walkable neighbourhood' in Stockport has moved a step closer with the announcement of a funding partner for the 250 million scheme.
'Stockport 8' will see the creation of 1,200 new homes as well as shops, offices and leisure space on eight acres of land next to Stockport Viaduct.
The Stockport Mayoral Development Corporation (MDC), which is overseeing the £1billion transformation of Stockport town centre, have announced they have entered with the English Cities Fund (ECF) for the project.
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Between them, they will invest more than £250m into the scheme, which is one of the biggest sites in the masterplan for the 130-acre area to the west of the town centre.
Greater Manchester Mayor Andy Burnham has previously dubbed it 'one of the leading regeneration projects right now, not only in Greater Manchester but across the UK.'
A planning application for the site is now set to be submitted next summer 2024, with a target completion of the first phase by Summer 2027.
Lord Bob Kerslake, Chair of the Stockport MDC, said “It speaks volumes about the strength of the opportunity in Stockport that, within just one year of starting our search for a new development partner for Stockport 8, we have secured a long-term joint venture with ECF.
"The interest from the industry was overwhelming, but ultimately, ECF demonstrated a shared long-term vision for the site, and for Stockport.
"This vision was one that clearly reflects the ambitions laid out in our Strategic Business Plan, including a way forward that delivers against our guiding principles of community, sustainability and innovation, and, most importantly, one that best serves the needs of local people.
"Added to this, ECF’s shared ethos for public and private sector collaboration, and it was clear that ECF was the right partner for this next phase in Stockport’s transformation."
The new neighbourhood would sit next to the new Stockport Interchange, with will have a rooftop park and accompanying apartment block, as well as the new apartments, retail and leisure which are part of the £60 million restoration of the Grade II listed Weir Mill.
“Work to deliver the Town Centre West masterplan is continuing at pace, with a number of our landmark schemes such as the Interchange, Weir Mill and the latest phase of Stockport Exchange, completing this year and next," Lord Kerslake continued.
"This latest milestone is another major step forward in our plan to create one of the most liveable town centres, not only in the region, but in the UK.”
ECF is a strategic joint venture between nationwide placemaker, Muse, Legal & General, one of the UK’s leading financial services groups and major global investor, and the government’s housing and regeneration agency, Homes England. Formed in 2001, it aims to to 'bring together the best of the public and private sector to transform urban areas.'
Sir Michael Lyons, Chair of ECF, said “We welcome this opportunity to be a part of an ambitious programme of town centre regeneration and to play an important role in the long-term growth and ambition of Stockport.
“We are pleased to be working in partnership with Stockport Council and the local mayoral development corporation. We understand what can be achieved with strong local leadership, effective collaboration between public and private sectors and patient investment. Our shared emphasis on quality homes, public realm, and commitment to creating an inviting place bodes well.”
Cllr Mark Hunter, Leader of Stockport Council, said: “Stockport Council and ECF are united in our goal to deliver genuine, long-lasting social value. We were impressed by ECF’s commitment to an inclusive approach, in order to best unlock the potential of Stockport 8 and deliver a mixed-use neighbourhood that will help existing and future communities to thrive in Stockport.
"Between Weir Mill and Stockport Interchange, this new neighbourhood will complement our other major developments, as well as deliver new jobs and contribute to a vibrant town centre.”
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