Funding of 1,000 Manchester homes set for go-ahead
Local authorities across Greater Manchester are being asked to green light investment in more than 1,000 new homes in Bury, Manchester, Salford and Stockport.
The latest series of investment loans would bring the total invested by the Greater Manchester’s Housing Fund to £305m; £5m more than the fund’s initial value. This is possible because loans previously made by the fund are repaid, with interest, and then reinvested in to new projects.
Greater Manchester Combined Authority is intending to recycle the GM Housing Fund up to three times over 10 years, since the fund’s creation.
With the reaching of the £300m milestone after two and a half years, Greater Manchester is open for business and will continue to invest in more homes across our region.
Subject to approval by the combined authority, the Greater Manchester Housing Fund will provide:
-£1.5m to Wiggett Homes for 22 houses in Brooke Street, Radcliffe, Bury
-£36m to an SPV established by Select Property Group and the Greater Manchester Property Venture Fund for 677 apartments on the former BBC site in central Manchester
-£43m to SPV of Urban & Civic for 351 apartments at the junction of Princess Street and Whitworth Street in central Manchester
-£3.9m to Hillcrest Homes for 24 houses on the site of the Brethrens Hall in Heaton Mersey, Stockport
-£1.8m to Blue Dog Property for 33 apartments on the site of the former Police Station in Baguley, Manchester
-£22.5m to FICM for 380 apartments at the corner of Blackfriars Road and Trinity Road in Salford.
Cllr Richard Farnell, Greater Manchester Combined Authority lead member for planning and housing, said: “Reaching over £300M of housing investment represents a major milestone for Greater Manchester. The Greater Manchester Housing Fund is a key part of our historic devolution deal and we are proud of the success we’ve had in supporting the creation of thousands of new homes across the city-region since 2014.”
Cllr Kieran Quinn, GMCA lead for investment and finance, said: “Reaching this landmark level of investment is testament to the value of taking decisions locally for the benefit of local people.
“The Combined Authority has become a vital player in the commercial finance market. More and more developers and firms are looking to us to support their growth plans and Greater Manchester’s Leaders are only too happy to assist in the creation of more homes, jobs and prosperity within our city-region.”
