Gresham House injects £12m into Stockport resi 

The investor joins a growing list of organisations that have contributed towards the cost of delivering the 196-home build-to-rent project. 

Gresham House has invested £12m in the Stockport scheme, part of the £120m redevelopment of the town’s former bus station. 

As well as Gresham’s investment, the GMCA and Stockport Council have provided £10m, while £21.5m has been awarded through the combined authority’s Greater Manchester Housing Investments Loan Fund. 

In addition, £3m of brownfield funding and £3.8m of Housing Infrastructure Funding have been awarded through Homes England. 

“This complicated public-private partnership investment is testimony to our long-term sustainable investment focus and will provide our investors with strong risk-adjusted returns,” said Alistair Wardell, investment director at Gresham House. 

“We are also excited about building upon this new relationship with the GMCA and accelerating our multi-tenure residential investment strategy, by partnering on further projects to deliver much needed new and affordably priced residential homes across the region.” 

Mailbox, Stockport, P.PNW

Gresham also invested in Mailbox. Credit: Place North West

The deal marks Gresham House’s second investment in Stockport, having previously backed Rise Homes’ 117-home Mailbox scheme. 

Rise Homes is Gresham House’s dedicated BTR platform. 

The residential element of Stockport Interchange is being developed by CityRise, a joint venture between Rise Homes and Cityheart, on behalf of Transport for Greater Manchester. 

The cost of the project was originally estimated at £40m but this is expected to rise, as reported by Place North West in November. 

Wilmott Dixon has been appointed as the main contractor for the 14-storey BTR project. The building will comprise 70 one-bedroom apartments and 126 with two bedrooms. 

Other elements of the Stockport Interchange project include the creation of a new bus station and town centre park. Both will be linked to the train station and A6 through the creation of new links. 

The redevelopment is due to complete in 2024. 

Deputy Mayor of Greater Manchester Paul Dennett said: “Gresham House’s support has been valuable in ensuring we can significantly boost good quality new homes in Stockport’s town centre alongside redeveloping the interchange bus station.  

“The green space, walking and cycling infrastructure being created as part of this development will also help improve the lives of residents.” 

Stockport Interchange 4

The scheme will provide almost 200 build-to-rent homes. Credit: via Stockport Council

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