UKREiiF | ECF picked for £250m Stockport regeneration
The council and the Mayoral Development Corporation have selected English Cities Fund to deliver the next phase of the 130-acre town centre west scheme.
ECF – a joint venture between Muse, Legal & General and Homes England – beat off competition from two other consortia for the 1,200-home job.
The underbidders were a partnership between Drum Property Group and Graham Investments, and another comprising Glenbrook and Bruntwood. The shortlist for the final three bidders was revealed by Place North West earlier this year.
With ECF on board, a planning application for the £250m scheme – which will see the creation of a digitally enabled, green, and fully walkable mixed-use neighbourhood – is expected to be submitted in summer 2024.
The first phase could complete by 2027, according to Stockport Council.
Sir Michael Lyons, chair of ECF, said: “We welcome this opportunity to be a part of an ambitious programme of town centre regeneration, and to play an important role in the long-term growth and ambition of Stockport.
“We understand what can be achieved with strong local leadership, effective collaboration between public and private sectors and patient investment. Our shared emphasis on quality homes, public realm, and commitment to creating an inviting place bodes well.”
Established in 2001, ECF is no stranger to large regeneration schemes. In Salford, the consortium is delivering Salford Central and Salford Crescent, two projects that together provide thousands of homes and millions of sq ft of offices.
Elsewhere, ECF is also driving the regeneration of St Helens and Earlestown.
ECF’s appointment in Stockport came after the partnership demonstrated it shared the MDC’s long-term vision for the site, according to Lord Kerslake, chair of Stockport MDC.
“It speaks volumes about the strength of the opportunity in Stockport that, within just one year of starting our search for a new development partner for Stockport 8, we have secured a long-term joint venture with ECF,” he said.
“Work to deliver the Town Centre West masterplan is continuing at pace, with a number of our landmark schemes completing this year and next.”
These projects include Stockport Interchange, the redevelopment of the town’s ageing bus station, and Weir Mill, Capital&Centric’s transformation of a derelict site close to Stockport Viaduct.
Cllr Mark Hunter, Leader of Stockport Council, said: Between Weir Mill and Stockport Interchange, this new [Stockport 8] neighbourhood will complement our other major developments, as well as deliver new jobs and contribute to a vibrant town centre.
“Stockport Council and ECF are united in our goal to deliver genuine, long-lasting social value. We were impressed by ECF’s commitment to an inclusive approach, in order to best unlock the potential of Stockport 8 and deliver a mixed-use neighbourhood that will help existing and future communities to thrive in Stockport.”
Overall, the plans for the Town Centre West will see the creation of up to 4,000 homes, 1m sq ft of employment space, major public transport improvements, new green space, and local amenities over the next 15 years.
The masterplan will inject an additional £5.9m in business rates and £117m in GVA into the local economy every year, according to the MDC.