Canada Life backs Stockport’s Grand Central

INSURER Canada Life has agreed to forward fund the construction of a multi-storey car park at Muse Development’s Grand Central scheme in Stockport.

It is the first phase of the project, next to the town’s railway station, which will also include offices and a hotel.

Muse, based in Salford, said the 1,000-space car park would act as a “catalyst for the transformation of the site” into a new commercial hub for the town. The value of the deal was not disclosed.

It will be built on land leased to the council by Network Rail. Once complete it will be leased to car park operator NCP. The first commercial office building and the hotel will be part of phase two, to be completed by 2015, and phase three will see more buildings go up on a phased basis up to 2020.

Wes Erlam, a senior development surveyor at Muse, said: “The agreement with Canada Life is a fantastic achievement for the scheme and for Stockport. The delivery of the car park has been a long held ambition of the council and Network Rail, and we are delighted be playing a major part in making this a reality. We now look forward to managing the construction of the building, which will be open and trading by March 2014.”

Michael White, property investment director at Canada Life Investments, said: “We hope this will be a catalyst for future development phases of the Grand Central regeneration project.”

CBRE, DTZ and Eversheds acted for Muse and Stockport Council. GVA and Taylor Wessing acted for Canada Life.