Council to kickstart Stockport Exchange phase 2 with £18.5m

STOCKPORT Council is to pump £18.5m into the second phase of the Exchange development around the train station.

Phase two comprises a 120-bed hotel,  50,000 sq ft Grade A office building and the creation of a pedestrianised public space opposite the station entrance.

The council bought the site, formerly known as Grand Central, in 2011 and appointed Muse Developments  to deliver the project.
 
The first phase, including highway improvements and a new 1,000 space multi-storey car park, is currently underway and will be completed by spring next year.
 
Cllr Iain Roberts, executive member for economic development and regeneration at Stockport Council, said: “The redevelopment of Stockport Exchange is crucial to the success of the town centre and the borough. Not acting now to secure its future is not an option.
 
“We’ve looked at the numbers very carefully to make sure this adds up for the people of Stockport. By using our preferential rates of borrowing, we can kick start phase two and attract further investment at a time when the private sector can’t.

“The income generated will cover the cost of the loan and the wider benefits to the borough will be enormous. This scheme will create jobs for local people and vastly improve the town centre for residents, workers, commuters and visitors.”
 
Wes Erlam, senior development surveyor at Muse added: “This next phase of development will create a fantastic gateway into the town, resulting in high quality new facilities for both the public and business community.
 
The council is accessing the finance for the scheme via prudential borrowing, a loan system with preferential rates which can be used by local authorities to invest in fixed assets.
The loan will be used to forward fund the office and hotel developments.