Council outlines JV vision for £250m Stockport 8
Potential developer partners are being asked to weigh in on plans to create a smart neighbourhood in Stockport Town Centre West ahead of formally launching a procurement exercise later this month.
Stockport 8 is eight acres and comprises three sites in Stockport’s Station Quarter and Brinksway neighbourhoods. The proposed £250m development is set to have 1,200 new-build homes.
Stockport Council and Stockport Mayoral Development Corporation ultimately want to find a partner to form a 50:50 joint venture to not only deliver these homes but to help design and fund them.
CBRE is helping the council and MDC with the process, creating a preliminary market engagement brochure about the joint venture opportunity.
In that brochure, the council said that it would “remain open-minded and alternative ideas and proposals will be welcomed and fully considered”.
There is also a possibility for that partnership to extend to master developing the wider 130-acre Town Centre West area of Stockport. Under the council’s £500m vision for Town Centre West, the area would see the building of 3,500 homes and more than 1m sq ft of commercial space.
The council wants both Stockport 8 and the wider Town Centre West to be a walkable and smart neighbourhood, incorporating technology in a way that improves the lives of residents and workers. Stockport’s vision for the area is for any future development to increase employment and economic growth in the area, build sustainable structures, and enhance connectivity.
When the Stockport 8 joint venture opportunity goes to tender, the council and MDC will team up with Homes England to oversee the procurement exercise. Stockport estimates the process will take no more than one year.
Stockport Council and MDC describe the ideal investor partner as one who can:
- Demonstrate long-term public-private partnership working approaches on major regeneration projects, a commitment to partnership and communication at all levels of the Joint Venture through all phases of the delivery of the Vision over the long term.
- Exhibit strong social value credentials, demonstrating innovation and a commitment to delivering tangible and lasting positive social, economic, and environmental impact(s) for the neighbouring communities and wider region.
- Provide a high-quality, experienced team with exemplary and transferable skills, which are considered capable of delivering the Vision.
- Demonstrate creativity and a detailed understanding of how best to deliver the Vision.
- Demonstrate they have the financial capacity and a credible, deliverable approach to funding the development and delivery of the Vision.