Four in race for £120m Stockport Interchange
Four contractors are being considered to deliver the major redevelopment of Stockport Interchange with a winner set to be chosen in early 2020.
Morgan Sindall, Galliford Try, Vinci, and Willmott Dixon have all put forward a bid for the development, which are to include a 196-home apartment block, a transport interchange covered with a green roof, and two acres of public realm opening up on to the river Mersey, alongside improved connectivity to the town’s railway station.
The plans also factor in a route for the Metrolink’s potential arrival to the town. The scheme is to be delivered in a two-stage tender and is being procured by TfGM via Pagabo’s Major Works framework.
One of the four bidders will be appointed to deliver the entire scheme but will be appointed by TfGM under two separate contracts; one for the interchange, and one for the residential.
At the same time, Stockport Council is also searching for a development partner for the residential element, which is anticipated to cost around £40m.The partner is expected to invest equity into a special purpose vehicle with the council, and secure development funding to deliver the residential scheme.
The council and the Greater Manchester Combined Authority are expected to invest £10m into the SPV to ensure the scheme is viable; Housing Infrastructure Fund money is also available to support the development.
The residential element will be delivered collaboratively with the council, GMCA and Transport for Greater Manchester; this approach also includes “identification and delivery of value engineering opportunities and maximising gross development value and financial returns to stakeholders,” according to tender documents.
The development partner will also be required to manage the asset for a minimum term once it completes, and is expected to be appointed in November this year.
The interchange project, which has a gross development value of £120m, has already secured £41.7m of Growth Fund money, which will primarily be used to deliver the transport interchange and public realm.
According to the council, the scheme will take around three years to deliver. BDP is lead designer on the project, providing architecture, landscape design and lighting design. WSP is lead consultant.