Greater Manchester set for 1000 new homes as Housing Fund passes £300m milestone

The Greater Manchester Combined Authority is being asked to greenlight investment in over 1,000 new homes across Manchester, Salford, Stockport and Bury.

This latest series of loans would see the total invested by the Greater Manchester Housing Fund raised to £305m, which is £5m more than its initial value.

Subject to approval, the fund will provide £1.5m to developer Wiggett Homes for 22 houses on Brooke Street in Radcliffe, Bury

A special-purpose vehicle (SPV) established by Select Property Group with the Greater Manchester Property Venture Fund for the creation of 677 apartments on the former BBC site in Manchester will receive £36m.

An Urban & Civic SPV for 351 apartments at the junction of Princess Street and Whitworth Street in Manchester, meanwhile, will see an investment of £43m.

In Heaton Mersey, Stockport, £3.9m will go to Hillcrest Homes for a project to build 24 houses on the site of the Brethrens Hall.

Blue Dog Property will be awarded £1.8m for 33 apartments at the site of the former Police Station in Baguley, Wythenshawe.

Lastly, it is proposed that £22.5m will go to FICM for a 380-apartment scheme in Salford, at the corner of Blackfriars Road and Trinity Road.

GMCA’s Lead Member for Planning and Housing, Cllr Richard Farnell, 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.”

He continued: “The Housing Fund has allowed local leaders to kick-start construction and support developers in the creation of new, quality housing that our residents want and economy needs.

“I look forward to making the case for these new plans that could deliver more than 1,000 new homes for the people of Greater Manchester at this month’s Combined Authority meeting.”

Cllr Kieran Quinn, the GMCA Lead for Investment and Finance, commented: “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.”