GMCA allocates another £163m from Good Growth Fund
Some £53m of grant funding will go towards transport projects across the city region, with another £25m supporting innovation initiatives, and £70m of grants and loans helping to deliver 789 homes in Manchester.
The Greater Manchester Combined Authority has earmarked £163m for a range of projects in the latest round of allocations from its £2bn Good Growth Fund.
The allocations made this month take the total pledged from the fund beyond £1bn since its launch in November. The fund cobbles together various devolved monies, £500m from the National Wealth Fund, and private investment from the Greater Manchester Pension Fund. It provides a range of products including grants, patient equity, and loans.
A total of 52 Good Growth Fund funding submissions seeking approximately £782m were received in the latest call for projects. Below are the successful submissions.
Housing allocations
A mixture of grants, loans, and subsidised loans have been awarded in principle to support the creation of almost 800 homes.
- A £21.8m loan for Linear Living’s 251-flat No1 Lord Street in Cheetham Hill
- A £28m grant to plug a viability gap in FEC’s Red Bank neighbourhood within the wider Victoria North and deliver 478 homes. The grant is dependent on Victoria North securing government funding as part of the New Towns programme
- A £4m grant for 144 affordable homes – including 84 for social rent – in Ordsall to be delivered by Seddon Construction for Salford City Council’s RP Derive
- A £19m subsidised loan for Urban Splash to deliver the final 60 homes in New Islington.
A £4m grant for homes in Ordsall has been pledged. Credit: Our Studio
Transport allocations
GMCA has allocated £53m of grant funding towards transport projects in the latest round of allocations.
- £24.2m for active travel and public realm improvements around Mill Gate Shopping Centre in Bury to support Bruntwood’s redevelopment of the retail centre proposes the creation of 300 homes and 40,000 sq ft of workspace
- £2.5m for a CyanLines route linking Manchester city centre with the Etihad stadium and campus
- £16.1m for a mobility hub at MIX Manchester next to Manchester Airport
- £9.9m for active travel and public realm improvements to support phase one of the Crescent Salford masterplan, being delivered by ECF for the University of Salford
5plus has designed the MIX Manchester car park. Credit: via Inform Comms
Innovation allocations
Around £26m of grants will go towards three innovation initiatives in advanced manufacturing, life sciences, and low carbon tech.
- £4.85m for life sciences outfit Qiagen Precision Diagnostics to support the creation of 18,000 sq ft of lab space in Manchester
- £16m for FUSE-M to create a 17,000 sq ft facility at Manchester Metropolitan University “bringing together creative and immersive technologies with engineering and manufacturing capabilities”
- £4.84m investment into the University of Salford’s Energy House to introduce a solar-radiation testing capability.
Revised allocations
In earlier allocation rounds, Muse or ECF – which Muse is a part of – was awarded a combined £101m for residential projects in Salford, Stockport, and Oldham for a combined 948 units. Changes in appraisals and delivery approaches have resulted in revisions to the allocations.
- An increase of £2m for Stockport 8
- An increase of £16.8m at Adelphi Village in Salford
- A decrease of £21.1m in Oldham
