Greater Manchester is set to use its unique devolved powers to pioneer a new way of delivering tens of thousands of new homes and jobs
Growth Location plans include Old Trafford Regeneration Scheme, where public and private sector are spearheading biggest regeneration since London 2012
The City-region is already UK’s fastest growing economy with most foreign direct investment and the new plans can lock in growth for generations to come
Proposals published today would see the whole Greater Manchester system mobilised to deliver £1 billion of investment every year for the next decade and build homes on a scale and at a pace not seen in the past 20 years.
Last week it was revealed that just one Growth Location scheme could unlock 48,000 new jobs, 17,000 new homes, and add £4.2 billion to the local economy.
The area around Manchester United’s Stadium in Old Trafford is a key part of the Western Gateway Growth Location, with plans to create new housing, commercial and public space around a new 100,000-seater stadium, or a refurbished 87,000-capacity ground.
The Old Trafford Regeneration Scheme represents the biggest sports-led regeneration scheme since the London 2012 Olympics.
Economists say it could transform the area’s fortunes just as MediaCityUK transformed Salford Quays – and give a £7.3 billion boost to the UK economy.
To drive forward this major regeneration project, Greater Manchester is setting out proposals for a new Mayoral Development Corporation (MDC) for Old Trafford.
It would replicate the success seen in Stockport, where the MDC took on powers to acquire and develop land and bring forward new infrastructure.
Stockport MDC has so far attracted £600 million in private investment and delivered 1,200 new homes, 170,000 sq ft of Grade A office space, and a new transport interchange.
By harnessing tools like MDCs, tapping in to the city-region’s world-leading industries, and paving the way for innovation, Greater Manchester will create a system geared towards driving growth over the next decade.
Until now, we have had separate pipelines for delivering transport, housing, innovation, and the low-carbon economy.
Thanks to Greater Manchester’s unique devolved powers and place-based approach, it will be able to target funding at Growth Locations like the Western Gateway and ensure development is sequenced in a way that extracts maximum value per pound.
Instead of housing being built in an uncoordinated way, the Integrated Pipeline will make sure developments are complementary and have the infrastructure to create thriving, well-connected communities – from green spaces for wellbeing, to great transport links via the Bee Network, and low-carbon heating systems.
Councils across the city-region will work with the private sector to attract, retain and develop the world’s best regeneration talent through a new GM Academy.
And Greater Manchester will create a single investment pot to target funding on Growth Locations, using the greater flexibility over its finances agreed as part of its Trailblazer devolution deal with central Government.
The Greater Manchester investment pot will provide just enough pump-priming to unlock massive private sector investment – an approach which has already delivered 10,000 new homes and supported 8,300 jobs through our Housing Investment Loans Fund.
And the Greater Manchester Pension Fund – the UK’s biggest local government pension fund – could also invest in Growth Locations. The approach will enable the pension fund to invest over the longer term, in line with Treasury ambitions.
These two local investments in Greater Manchester’s Growth Locations would give confidence to developers and private sector investors – unlocking game-changing capital for communities across the city-region.
Each of the Growth Locations has a distinct focus, building on existing sector strengths and opportunities. The Western Gateway covering Old Trafford also includes Port Salford, with plans to capitalise on its connectivity and link new employment sites to the world.
The North East Growth Corridor includes Atom Valley, where a Mayoral Development Zone is driving the development of an advanced materials and manufacturing hub. Plans for the Airport and Southern Growth Corridor capitalise on the international connectivity of Manchester Airport.
The Central Growth Cluster will build on the continuing high performance of the city centre growth engine, providing 58,000 new homes on brownfield land and new spaces for businesses, including new innovation districts at Sister and Crescent Salford, and major regeneration projects like Victoria North and Holt Town.
Mayor of Greater Manchester Andy Burnham said:
“Greater Manchester is ready to kickstart a new decade of growth at the heart of a resurgent North. We’ve used our devolved powers to deliver the biggest change in public transport since the ‘80s. Now we’ll use them to deliver transformative regeneration across our city-region.
“We’re already bucking all the national economic trends – our growth and productivity are above the UK average. But with the backing of Government and private investors, we can do even more and add an extra £13 billion a year to the UK economy.
“Our plan will deliver urban regeneration at a pace and scale not seen before in my lifetime and rebalance the rewards of growth across the UK. It will create tens of thousands much-needed homes and high-quality jobs so all our residents can live good lives.”
