The local authority’s cabinet has approved a loan from the Mayoral Development Corporation Investment Facility to fund the construction of Capital&Centric’s £60m town centre residential development.
Weir Mill, located next to Stockport bus station in the shadow of the viaduct, is to be redeveloped to create 253 apartments. The scheme features two new build blocks and the conversion of former mill buildings.
At a meeting earlier this week, councillors voted in favour of the finance facility, to be funded through prudential borrowing, in order to save Weir Mill from dereliction.
“This is last chance saloon for Weir Mill,” said Cllr Sheila Bailey, member for sustainable Stockport.
“It is a building that will not recover if this development doesn’t go ahead. [The project] will help to regenerate a part of Stockport that has been in need of regeneration for a long time.”
Cllr David Meller, member for regeneration, added that the council could encourage inward investment by choosing to finance the Weir Mill scheme, adding that the project would be a “catalyst” for the town’s wider revamp.
Planning approval for Capital&Centric’s Weir Mill project, designed by BDP, was granted in September and construction could begin early next year now the loan has been approved.
Cllr Tom McGee, member for finance and resource, added more support for the approval of the loan and lamented that the site’s previous owners, Maryland Securities, hadn’t acted faster to revamp the site.
“[The mill] is in such a state now that if nothing is done to it, it will go beyond the point at which anything can be done to it. I look forward to the day the shovels start digging.”
The authority has already received £7m from Homes England to unlock the site for redevelopment.