GMCA to loan £3.5m to unlock sites for 1,000 homes
The facility will support the relocation of storage and removals firm P Fahey and Sons from sites in Trafford and Holt Town that are earmarked for regeneration.
P Fahey and Sons Upper Helena Street site is located on Holt Town Industrial estate in a zone subject to proposals for 4,500 homes mapped out by Manchester City Council.
The loan forms part of a land assembly process for Holt Town, which is in fractured ownership, and follows from MCR Property’s acquisition of 16 acres within the regeneration zone earlier this year.
Meanwhile, P Fahey and Sons’ Chorlton Street site in Trafford will also be vacated. The site is situated close to the Bold Street Estate, which is earmarked for redevelopment.
A Greater Manchester Combined Authority report outlines the intention to grant the firm a £3.5m loan to support its consolidation to Ambrose Street in Openshaw, the company’s third site.
The loan will pay for the expansion and fit out of the Ambrose Street site and planning applications for the two sites the firm is vacating.
The move would free up the two other sites for “major housing developments”, the report states, and would “unlock over 1,000 homes in total and significant commercial space”.
I hope that GMCA has paid for a large insurance indemnity cover in the case that things go wrong such as third parties going into liquidation . The GMCA will have auditors in place to keep a tight check as developments progress . Lessons need to be learned from past financial disasters to make sure that the UK tax payers do not have to pay for any disasters and no additional funding by increasing Greater Manchesters Council Tax.
By Paul griffiths
What happens to the small businesses that have been there for 20 plus years in the Old Trafford community.
By Chris