Trafford will receive a £26m funding boost to housebuilding in Old Trafford as part of Greater Manchester Mayor Andy Burnham’s £1bn Good Growth Fund, designed to supercharge the economy in every district of the city.
The city region's leaders approved the first wave of funding allocations including cash for Trafford at a meeting of Greater Manchester Combined Authority.
Pump prime money will provide the first major investment for the Old Trafford Regeneration area, enabling work on 382 new homes to get underway at Trafford Wharf.
The move underlines high-level commitment to the Old Trafford Regeneration Mayoral Development Corporation, to be chaired by Lord Sebastian Coe with newly-announced project director, Karen Hirst.
The redevelopment of the old Stretford Mall into 427 new homes – including 178 affordable ones – is also set to be boosted in a follow-up allocation of money next year, as part of transformation of the town centre with partner Bruntwood.
Trafford Council Leader, Cllr Tom Ross, said:
“We are delighted that the funding has been approved and this significant boost is coming our way. Andy Burnham’s ambition is to facilitate growth for the city region at a scale and pace yet to be seen this century.
“Regeneration and transformation in Trafford is right at the heart of this vision and we are proud to be leading the charge for huge change and improvement.”
Mayor of Greater Manchester Andy Burnham said:
“We’re backing Trafford with the first wave of investment from our Good Growth Fund, helping deliver new homes at the heart of the Old Trafford Regeneration scheme – the biggest sports-led regeneration project since London 2012.
“This kind of high-quality, connected development – powered by a new Mayoral Development Corporation – is exactly what we mean when we talk about driving good growth across every part of our city region.”
Greater Manchester’s trailblazing devolution deals and unique partnership approach have fuelled current annual growth levels of 3.1 per cent – more than double the rate of the country as a whole.
Analysis shows that if this expansion continues for the next decade, today’s GM economy will grow by a third – providing a further £38bn boost to national finances.