Stockport resi scheme secures GMCA loan support
The combined authority has approved a £5.3m facility to fund a 36-flat scheme in the town.
Aspley Street Developments requested the loan, which could unlock a scheme that has struggled to get off the ground in the four years since planning was approved.
The proposed project would feature a mix of one- and two-bed apartments and occupy a prominent site at the junction of Wellington Street and Churchgate close to Stockport’s Robinsons brewery.
Planning approval for the scheme, designed by Seven Architecture, was approved in January 2021.
The Greater Manchester Combined Authority has lent more than £1bn from its Housing Investment Loans Fund.
Those loans have supported or are supporting the delivery of 11,000 homes across the city region, according to the GMCA.
More than half of the total awarded has been loaned to Manchester-based developer Renaker, which has used the facilities to pay for the construction of various city centre residential skyscrapers.
The most recent Renaker loans, totalling £120m, are the subject of a legal challenge by Manchester developer Weis Group, which claims the loans would breach the Subsidy Control Act and “distort” the market.
The GMCA has consistently denied that the loans were given on favourable terms.
£5.3 m grant to lever 36 flats has the world gone mad ? Surely the grant per unit is equal to their sales value – how does that work ? Does anyone look at the numbers when giving these grants.
By Sceptical
In response to sceptical, nowhere in the report does it mention a grant.
By Pablo