A specialist alternative asset manager has partnered with several major public sector entities in a public-private partnership to build a $12m home.
Gresham House money will go to the project which will be developed by Transport for Greater Manchester (TfGM) and built by Willmott Dixon (WD) as prime contractor.
The project comprises a 14-storey purpose-built BTR building with 70 one-bed and 126 two-bed units in the heart of the city center. Elsewhere, work is underway to significantly improve the transport infrastructure at the bus station, the connection to the train station and the facilities for cyclists and hikers.
In addition, a new 2-hectare rooftop park at the interchange will create leisure and recreation areas as well as additional green space for the local community. The renovation is scheduled to be completed in 2024.
The £12m investment, made by Gresham House British Strategic Investment Fund (BSIF), is to deliver the BTR component of the project and will be delivered through Gresham House’s existing mainstream BTR platform, Rise Homes.
All funding and development partners (Transport for Greater Manchester, Stockport Metropolitan Borough Council, Greater Manchester Combined Authority, Homes England and CityHeart) have worked closely together to enable the delivery of this landmark project.
The deal marks Gresham House’s second residential investment in Stockport, having previously completed another residential development just 200 meters from the Interchange site. Stockport, a large city in Greater Manchester just 7 miles from Manchester city center, played an important role in the Industrial Revolution as a major silk and cotton town and was also the center of Britain’s millinery industry. By 1884 it was exporting more than six million hats a year.
It is perhaps best known for its local football team, currently playing in the National League, and for its impressive viaduct, built in 1840, which carries the main railways from Manchester to Birmingham and London across the River Mersey.
Joe Thomas, Investment Director at Gresham House said of the project: “We are delighted to be working with GMCA, SMBC, TfGM and WD on the renewal of the Stockport Interchange and on our track record of delivering mainstream BtR properties across the UK build up . We are currently supplying over 1,200 quality multi family and single family homes at fair prices in the North West, Midlands and Yorkshire and we firmly believe in the importance of delivering great homes to support town and community regeneration.”
Nigel Rawlings, Managing Director of Rise Homes added: “The Stockport Interchange project follows on from the success of another multi-family BTR project completed by Gresham House and Rise Homes in Stockport, The Mailbox. It has the largest residential wall area in Northern England and is just 200m from the new Interchange site. We look forward to working within the parameters of the project’s high quality design and with the excellent team of partners involved.”
Alistair Wardell, Investment Director at Gresham House, also commented, “This complex public-private partnership investment is a testament to our long-term sustainable investment focus and will deliver strong risk-adjusted returns for our investors.”
“We also look forward to building on this new relationship with the GMCA and accelerating our multi-property residential real estate investment strategy by partnering on additional projects to create much-needed new and affordable residential real estate across the region.”
Meanwhile, Greater Manchester’s Deputy Mayor for Housing, Homelessness and Infrastructure, Paul Dennett, said: “The support of Gresham House has been valuable in ensuring we can significantly promote quality new housing in Stockport town center alongside the redevelopment of the Interchange bus station. The green spaces, walking and cycling infrastructure created as part of this development will also help improve the lives of residents.”
“We are pleased to support this ambitious partnership for years to come and look forward to continuing to work with Mayoral Development Corporation to realize the vision of downtown Stockport.”
