Andy Burnham, the Mayor of Greater Manchester, has announced a substantial £1 billion growth fund aimed at revitalizing the region through more than 31 identified projects. This new investment strategy is designed to address disparities across the ten boroughs of Greater Manchester, with each borough selecting three key projects to prioritize.
The initial phase of this initiative will see an expected £400 million investment that could unlock an additional £1.3 billion in private capital. This funding is particularly targeted at areas that have historically been underserved, with a focus on projects that promote economic growth and community development.
Key Projects and Investments
Among the first projects to receive backing is the Prince’s Gate scheme in Oldham, which is allocated £31.5 million to construct 331 new homes, including 75 units of social housing. This initiative is part of a larger goal to build a total of 2,000 new homes across Oldham town center over the next decade.
Oldham is also set to see the establishment of a new Mayoral Development Corporation in collaboration with Oldham Athletic AFC. This partnership aims to create a “centre of excellence” focused on sports, health, and education, featuring a state-of-the-art 3G pitch and a potential 3,000-seat netball stadium.
In Trafford, a key funding commitment of £26 million is expected to support the Trafford Wharf development, which aims to deliver 382 new homes and marks the first significant investment in the Old Trafford Regeneration area. This project is part of a broader vision that includes a new 100,000-seat football stadium and 15,000 homes, although specific timelines and funding commitments for these components remain to be determined.
Plans for Stretford include the redevelopment of the old Stretford Mall, with 427 new homes proposed, 178 of which will be affordable. The project aims to enhance the local high street and town square.
Future Developments and Community Impact
In Bolton, £17.1 million will support the creation of a Mayoral Development Corporation aimed at boosting economic activity and housing availability. This initiative is expected to create around 6,900 jobs through the NorthFold Growth Location project, which includes a major logistics hub at Wingates.
Manchester will also see significant investments, with £20 million earmarked for the expansion of the global innovation hub ‘Sister’. This will fund the redevelopment of former University of Manchester buildings to foster growth in advanced manufacturing, life sciences, and green technology sectors.
Rochdale’s plans include over 200 new homes next to the railway station as part of the Station Gardens project. The initiative aligns with the wider vision for the Rochdale Rail Corridor, aiming to enhance transportation infrastructure in the area.
Ashton-under-Lyne will receive initial funding of £7.6 million to explore redevelopment opportunities in the town center, which include new affordable housing and rejuvenation of Market Square.
The comprehensive approach of the growth fund is aimed at ensuring that all boroughs benefit equitably from the region’s economic revitalization. The plan is structured as an “integrated pipeline,” with additional projects expected to be unveiled every six months, allowing for ongoing community development and investment in Greater Manchester.
This coordinated effort, spearheaded by Mayor Burnham, reflects a commitment to not only boost the economy but also enhance the quality of life for residents across the city-region.
