GMCA pumps £314m into transport schemes as Good Growth Fund grows to £2bn
Almost £90m for the Carrington Relief Road, £70m for a potentially Ryder Cup-clinching highway, and £60m for a new Metrolink station in North Manchester are among the projects given a significant equity boost.
GMCA handed out £400m to various residential and commercial projects in a first wave of allocations last November and has gone big on transport investment in the second round, as the fund looks set to double in size to £2bn thanks in part to a £500m investment by the National Wealth Fund and another £175m from government.
Oliver Holbourn, chief executive of the National Wealth Fund, said: “The National Wealth Fund’s ambition to provide significant investment across the city region will help create skilled jobs and opportunities and contribute to long-term, sustainable growth for Greater Manchester and its communities and businesses.
“This announcement is a reflection of our confidence in Greater Manchester’s capacity for innovation and growth, and a testament to the close partnership we have established with the combined authority.”
In total, GMCA has earmarked £485m from the fund for wave two projects of which £315m is allocated to transport schemes.
As well as £70m for the Hulton Park link road – which could be the difference between Bolton being awarded the Ryder Cup or not – GMCA will provide £60m for a new Metrolink stop at Sandhills as part of the Victoria North masterplan, and £52.1m for infrastructure to unlock the Northern Gateway employment zone across Rochdale and Bury.
Some £90m will go towards creating a link road as part of the New Carrington masterplan, earmarked for 5,000 homes and 3.5m sq ft of employment space, while £25.7m will go towards creating the Wigan-Hindley link road, a new 4km connection extending the A49 Link Road over the West Coast Main Line to pave the way for 2,000 homes.
Tameside Council will get £17.4m enabling works and supporting infrastructure to unlock the 2,150-home Godley Green Garden Village.
Away from transport, another six projects are set to receive a share of £170m from the Good Growth Fund.
These include £70m for Oldham’s SportsTown initiative, £35m for 248 homes as part of the regeneration of Prestwich Village, and £26m for 423 social rent, extra-care and affordable homes in Wythenshawe, along with £24m for 249 homes in Stretford town centre. The Sustainable Materials and Manufacturing Centre in Atom Valley will get £15m, marking the fund’s first investment in an innovation asset.
Greater Manchester Mayor Andy Burnham said: “We’re serious about making sure every part of Greater Manchester benefits from our approach to good growth.
“By almost doubling our Good Growth Fund, thanks to a landmark partnership with the National Wealth Fund and new investment from government, we can invest in bringing even more homes, jobs and opportunities to our communities.”
