GMCA’s investment in city region tops £1bn mark
Funds from Greater Manchester Combined Authority have supported the building of more than 9,500 homes, including developments in Old Trafford, Middleton, and Bolton.
GMCA reported that it has invested £1.2bn through its Greater Manchester Investment Fund since 2015. This fund comprises a series of smaller, more targeted financial support streams including the Business Investment Fund, Housing Investment Fund, and the Low Carbon Fund.
Hailed as “a fantastic example of devolution working in practice,” by GMCA investment lead Cllr David Molyneux, the Greater Manchester Investment Fund is on the hunt for new organisations and projects to support.
“We are now urging other organisations, businesses, and developers with viable proposals to please get in touch and find out how we can support you,” Molyneux said.
The Housing Investment Fund itself has seen £700m go into residential property, according to GMCA. The fund originally started with £300m, which has been recycled more than two times as money has been repaid and reinvested. Last year’s list of awards from HIF totalled £18m.
Of the projects supported by HIF, GMCA pointed out three: Blueoak Estates’s conversion of Alexander House in Old Trafford from offices to 116 apartments and Kellen Homes’ construction of 311 homes off Don Street in Middleton. Step Places’ project for 44 homes on the site of the former Moor Lane bus station in Bolton was also awarded funds last year.
Vector Homes is one of the developers to benefit from Greater Manchester Investment Fund resources.
“With the support of GMCA we’ve been able to innovate and work closely with collaborators in the construction materials ecosystem in Manchester to develop and build our low-cost, quick-build, highly sustainable housing system prototype,” Vector Homes chief executive Nathan Feddy said.
“2023 has all been about executing our plan and we expect to make a big impact on the housing market in 2024.”
GMCA said its funds had also been used to support commercial property and business, with more than £350m going towards these initiatives.
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On the whole, I’m proud that the wider GMCA is investing in its housing needs. However, what is not clear is whether these funds are: loans, grants; does interest accrue, etc? This would be good, to help us understand how taxpayers money is being invested, with whom it is being invested, and how much social housing is created through this, etc.
By Anon
So of the £1bn total they have shovelled 70% in to housing?. Sounds like taking the easy option?. How many jobs did that create?.
By RAW
Really positive news.
By Anonymous