A £26m funding boost announced today will provide the first major investment for the Old Trafford Regeneration area, enabling work on 382 new homes to get underway.
Trafford Wharf will see the development pump primed as part of a £1bn Greater Manchester Good Growth Fund, designed to supercharge the economy in every district of the city, at a pace and on a scale not seen before this century.
The move reinforces commitment to the Old Trafford Regeneration Mayoral Development Corporation to drive transformation in the area, chaired by renowned businessman and former Olympian Lord Sebastian Coe, which is shortly to receive Parliamentary approval.
In March next year Trafford’s allocation will also boost the redevelopment of the old Stretford Mall into 427 new homes – including 178 affordable ones – as part of an ambitious masterplan to revitalise the town centre.
A long-term joint venture between Bruntwood and Trafford Council has already seen historic King Street and Pinnington Lane restored, and the brand-new Sir Tony Lloyd Square providing a focal point for events and activities. Other improvements so far have included the award-winning transformation of Kingsway.
Trafford Council Leader, Cllr Tom Ross, said:
“Greater Manchester is the UK’s fastest-growing city region, outpacing the national average, and Trafford is at the heart of this phenomenon.
“We have huge and exciting change under way here and our challenge is to make sure transformation works for everyone, whoever you are, whatever your circumstances and wherever you live, work and visit in the borough.
“We are delighted to receive our share of this fantastic new fund that will deliver new homes, employment opportunities and much more besides. The schemes supported in this round of funding are only part of our ambitions for Trafford, which tie in with our Council priorities, particularly for a thriving economy and homes for everyone.”
The city’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.
The city region's leaders are expected to approve the first wave of funding allocations at next Friday’s meeting of Greater Manchester Combined Authority.