Greater Manchester signs off ‘game-changer’ £1bn fund
Announced to much fanfare last week, the GM Good Growth Fund, which will support an initial 30 projects to the tune of £400m, has been backed by all 10 of the city region’s council leaders.
The £1bn, 10-year revolving fund will support Greater Manchester’s £10bn pipeline of projects across all 10 boroughs, many of which are unviable.
The fund, which includes a £300m commitment from the Greater Manchester Pension Fund, will offer a mix of loans, grants, and equity investments to get the schemes going.
It has been set up to address the city region’s viability challenges and maintain Greater Manchester’s above-average growth – currently at 3.1%, more than double the national average.
“No longer will we let anonymous lenders decide what they will and won’t fund,” GM Mayor Andy Burnham said, referencing a perception that some lenders do not view Greater Manchester as a viable investment opportunity.
The first wave of funding allocations will unlock 3,000 homes and 2m sq ft of employment space, including industrial and offices.
Proceeds from the fund will be recycled to support future projects.
A full list of projects to receive funding in the first wave can be found below.
Burnham singled out GMCA chief executive Caroline Simpson and officers Andrew McIntosh and Laura Blakey for special praise, calling them the “architects” of the fund.
Housing
- Victoria North Manchester – Far East Consortium – £34.1 – 622 homes
- Whitworth Street West Manchester – Glenbrook – £17m – 364 homes
- Postal Street Manchester – This City – £16.3m – 126 homes
- Prince’s Gate Phase 2 Oldham – Muse – £35.1m – 256 homes
- Adelphi Village Salford – English Cities Fund – £23.4m – 336 homes
- Fletcher Street Stockport – Progressive Living/Picture This – 15.0m – 245 homes
- Stockport 8 – Muse – £41.3m – 435 homes
- Trafford Wharf – Cole Waterhouse/Heim Global – £26m – 382 homes
- Cottonworks Block A Wigan – Heaton Group – £14m – 179 homes
Total funding: £222.2m
Total homes: 2,945
Additional housing schemes in Tameside, Stretford, Prestwich, Wythenshawe, Bolton, Rochdale, will get a combined £62.9m – details to be confirmed at a later date.
Employment
- Wingates Bolton – Harworth Group – £17.1m – 800,000 sq ft
- Prestwich town centre – Muse – £6.8m – 34,455 sq ft
- Upper Brook Street Manchester life sciences – Property Alliance Group – £22.1m – 81,354 sq ft
- Kendals Manchester – Kendals Regeneration (Investec) – £44m – 450,000 sq ft
- Mayfield Manchester – Mayfield Partnership – £13m – 92,000 sq ft
- Sister – Bruntwood SciTech/University of Manchester – £20m – 225,000 sq ft
- Mix Manchester – Mix Manchester JV – £7m – 121,000 sq ft
- Ashton strategic town centre acquisitions – Tameside Council – £7.6m – 197,000 sq ft
- Cotton Works Wigan – Heaton Group – £9.9m – 80,000 sq ft
Total funding: £147.5m
Total floorspace: 2m sq ft
A city which shows some real gumption. Exciting times for the region over the next decade. It’s not just building a few towers to keep up with the rest. It’s adapting to build a new future rather than cling desperately onto the past.
By Anonymous