£40m residential scheme linked to Stockport Interchange regeneration
A multimillion-pound funding boost for Stockport has been announced.
Asset manager Gresham House has committed £12m, alongside several significant public sector bodies, as part of a public private partnership to regenerate the Stockport Interchange bus station and develop a £40m 196-unit Build-to-Rent (BtR) residential building.
Transport for Greater Manchester (TfGM) is responsible for developing the project, which will be constructed by Willmott Dixon in its capacity as the main contractor. The project comprises a 14-storey purposely designed BtR building with 70 one-bed and 126 two-bed units in the heart of the town centre.
Meanwhile, work will take place to dramatically upgrade the transport infrastructure at the bus station, connectivity to the train station and the amenities for cyclists and walkers. A new two-acre rooftop park on top of the Interchange station will create leisure and recreation areas, along with additional green space for the local community. The redevelopment is due to be completed in 2024.
The £12m investment, made by the Gresham House British Strategic Investment Fund (BSIF), will go towards delivering the BtR component of the project. The investment will be delivered via Gresham House’s existing mainstream BtR platform, Rise Homes. All of the funding and development partners (Transport for Greater Manchester, Stockport Metropolitan Borough Council, the Greater Manchester Combined Authority, Homes England and CityHeart) have worked closely to allow this landmark scheme to be delivered.
The deal marks Gresham House’s second housing investment in Stockport, having previously completed another residential scheme just 200 metres from the interchange site. It builds on a busy 2021 for the specialist alternative asset manager’s real estate team, which has further expanded its portfolio of socially impactful housing projects in several regional city centres.
Nigel Rawlings, CEO, Rise Homes said: “The Stockport Interchange project follows on from the success of another multi-family BtR scheme completed by Gresham House and Rise Homes in Stockport, The Mailbox. It has the largest area of living wall in the North of England and is located just 200m from the new interchange site. We look forward to working within the parameters of the project’s high quality design and with the excellent team of partners involved.”
Alistair Wardell, investment director at Gresham House, said: “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. 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.”
Deputy Mayor of Greater Manchester for housing, homelessness and infrastructure, 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.”