Greengate regeneration scheme kick-started with £4.8m NWDA grant
A REGENERATION initiative which could create over 5,000 jobs has received £4.8m investment from the Northwest Regional Development Agency (NWDA).
The money has been awarded to improve an area linking Manchester’s ‘medieval quarter’ and Salford’s riverside by creating around 111,200 square metres of commercial floorspace – including a new hotel – and 1,100 residential units.
The area, known as Greengate, features 13 hectares of brownfield land and the site of the former Manchester Exchange Station. It is bounded by both Chapel Street in Salford and Gravel Lane and lies opposite Manchester Cathedral.
Central Salford Urban Regeneration Company has taken the lead on the project in association with Salford City Council, the Homes and Communities Agency, Ask Developments and Network Rail.
Steven Broomhead, chief executive of the NWDA, said that it is hoped that the scheme will result in a further £400m of private investment in the area.
He said: “I am delighted we can announce investment for Greengate which presents an opportunity of enormous significance and benefit to Salford and Greater Manchester.
“Public investment in the public spaces and infrastructure will underpin the economic regeneration and re-development of the Greengate area.
“This will contribute towards new job creation and economic growth, while enhancing the image and perception of Salford, the regional centre and the North West region by visitors and potential private investors.”
The NWDA’s £4.8m grant – of which £1.4m comes from the European Regional Development Fund – is seen as key to kick-starting the project which had been delayed by the economic downturn.
The money will be used for land acquisition, demolition work and to support – with funding from the Homes and Communities Agency of £8.5million – the start of some aspects of the construction work.
The first phase of the development is expected to involve the large-scale development of Grade ‘A’ business space and car parking by Ask Developments.
Chris Farrow, chief executive of Central Salford URC said: “Greengate is a key project that will revitalise this important part of Salford and I am delighted with what the public and private sector, working in partnership, have achieved to date in driving this scheme forward.
“Greengate is an integral part of the wider proposals Central Salford is leading on as part of its £4bn programme of regeneration.
“Not only does it form part of the impressive Irwell River Park project, but it also strengthens the connection between the historic core of Salford and Manchester and the £650m regeneration of the Chapel Street area, being led by English Cities Fund.”
The initiative will also create several public spaces which are intended to enhance the area’s visual appeal while also acknowledging the history that is at the site’s core.
