Manchester Invests £168M in Homes, Transport, and Innovation
Regional leaders in Greater Manchester have announced a new wave of investment worth £168.31 million, aimed at unlocking new homes, jobs, and opportunities across the region. The funding, part of the Greater Manchester Good Growth Fund, will support 14 major projects spanning transport, housing, and innovation.
Since its launch in November last year, the Good Growth Fund has approved more than £900 million in investment. The combined authority says this sends a clear message to the market that Greater Manchester is ready to invest and get things moving, at a time when other funders are pulling back.
What projects will receive funding?
The latest package includes £52.7 million for transport projects, £49.8 million for city centre schemes creating 729 new homes, £25.69 million for three innovation projects, £19 million in subsidised loans to support 60 new homes, and £3.96 million for a scheme creating 144 affordable homes.
The report prepared for the next GMCA meeting details the 14 separate major projects across Manchester city centre, north Manchester, south Manchester, Salford, Bury, Oldham, and Stockport.
Transport investments
- £24.2m for new walking and cycling routes and improved open space in Bury town centre, including demolition to enable new homes.
- £2.5m for a CyanLines floating walkway linking Manchester city centre with Holt Town and the Etihad Stadium.
- £16.1m for a mobility hub at MIX Manchester, the science innovation and manufacturing campus next to Manchester Airport.
- £9.9m for walking and cycling routes near Salford Crescent.
Housing and regeneration
- £21.8m loan for the No1 Lord Street development in the Green Quarter, creating 251 new apartments.
- Up to £28m grant to unlock 478 new homes in the Red Bank area, part of the Victoria North regeneration scheme.
- £4m grant for 144 affordable homes in Ordsall, Salford.
- £19m subsidised loan for the final phase of the New Islington regeneration programme, creating 60 new homes.
- £2.8m additional funding for the Stockport 8 scheme, creating 353 homes for rent.
- £16.2m for the Adelphi Village development in Salford, creating 336 homes for rent.
- The Princes Gate scheme in Oldham will now build 259 affordable homes instead of open market rent, with a previous allocation of £35m converted to a £14m grant.
The allocations will be considered for approval at the GMCA meeting on September 25.