Stockport Council鈥檚 executive has approved the use of the council鈥檚 borrowing powers to fund the next stage of the town centre regeneration project.
The council bought the site, formerly known as Grand Central, in 2011 for an office-led development next to Stockport train station, including new public spaces, a hotel and improved car parking. It chose Muse as its development partner for the project.
The first phase, including highway improvements and a new 1,000 space multi-storey car park, is underway and will be completed by spring next year.
The second phase will deliver a c.50,000 sq ft Grade A office building, the 120-bed hotel and create a 鈥榞ateway鈥� pedestrianised public space opposite the station entrance.
Councillor Iain Roberts, executive member for economic development and regeneration, said: 鈥淲e鈥檝e looked at the numbers very carefully to make sure this adds up for the people of Stockport. By using our preferential rates of borrowing, we can kick start phase two and attract further investment at a time when the private sector can鈥檛. The income generated will cover the cost of the loan and the wider benefits to the borough will be enormous.鈥�
Muse senior development surveyor Wes Erlam added: 鈥淭he council鈥檚 proactive approach will ensure phase two can go ahead and is a great boost to the scheme and to Stockport.聽 This next phase of development will create a fantastic gateway into the town, resulting in high quality new facilities for both the public and business community.
鈥淲e鈥檙e now looking forward to putting together the planning application with a view to starting on site next year.鈥�
Muse is the development arm of construction group Morgan Sindall.
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