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
Just dropped half that sum on Manchester Town Hall
By Eco realist
This is awesome stuff, genuinely game changing for Manchester in what are difficult economic times. It is pretty evident that the city still has strong leaders with vision and passion following on from the Bernstein/Leese years that set the foundations so solidly. Other cities must wish they could tap into this kind of progressive thinking and leadership.
By Anonymous
No mention of course that this is largely Government funding devolved to GM, taxpayers money.
By Anonymous
No mention of course that other cities could do the same if they used their brains hard enough
By Anonymous
Anonymous 1.05pm – Oh no taxpayers money being used to invest, create homes and jobs and build wealth. Whatever next.
By Anonymous
It is taxpayers money but isn’t grant so will all be returned to the pot whilst activating development and growth in the city region. More jobs, more spending, more tax generated!
By Happy Chappy
The contrast between Manchester’s leadership and this government, is stark. Burnham on the radio today,was so optimistic about the future, rather than the Reeves/Starmer negativity waggon, of broken promises and a botched manifesto. Bev Craig is Burnham’s natural successor, and she continues to shine, in my view.
By Elephant
Where exactly is this money coming from?
I would also point out that Mr. Burnham has no mandate from the voters of Greater Manchester who voted against the installation of a Mayor.
By Anonymous
Notable that.most of the employment schemes are in Manchester and not the wider GM area.
By Anonymous
Great to see this. Well done Mayor Burnham.
By Sarah
Really positive to see Greater Manchester putting serious money behind viability through the new £1bn Good Growth Fund. But if we’re prepared to pump public money into making schemes stack up, shouldn’t we also be investing directly in the capacity of LPAs themselves?
High-quality growth doesn’t happen by accident. It needs in-house urban designers, landscape architects, conservation specialists and place-makers with the confidence and expertise to shape schemes before they hit committee. Without that baseline capacity, we risk funding delivery rather than delivering quality.
Why shouldn’t GM have its own version of the GLA’s Good Growth by Design programme, complete with Mayoral Design Advocates, design review expectations, and a clear regional design agenda? If we’re serious about “good growth”, then investing in the people who safeguard it should be part of the equation.
By Graeme Moore
This is largely grant funding, no more no less. And in some cases the level of grant is eye watering. No use dressing it up as something else.
By Anonymous
Anonymous 5.44, it was the citizens of Manchester who narrowly voted against having a mayor for their city. The residents of Greater Manchester didn’t vote for or against having a the post of Mayor however they have voted overwhelming for Burnham a number of times.
By Anonymous
Place NW comments are starting to become indistinguishable from Twitter (whatever) and Facebook. Willful ignorance no bar to speaking with wholly misplaced authority and certainty.
By Green Belt Ben
Thanks for the feedback, Green Belt Ben. We are currently exploring a few options on how to improve the comment section. Watch this space.
By Julia Hatmaker
Outrageous that public money should fund more offices in Manchester when rents are hitting £40 a sq ft. “Viability issues” elsewhere are being caused by a gold rush in Manchester, created in the first instance by public money pump priming there and neglect elsewhere. Manchester has no right to use public money to create additional unfair competitive domination.
By John