The Council purchased the site, formerly known as Grand Central, in 2011 to progress an office-led development next to Stockport Train Station, including attractive new public spaces, a hotel and improved car parking. Muse was appointed by the Council as development partner to deliver the project.
The first phase, including highway improvements and a new 1,000 space multi-storey car park, is currently underway and will be completed by spring next year.
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The second phase will deliver a c.50,000 sq ft Grade A office building, 120 bed hotel and create a 'gateway' pedestrianised public space opposite the station entrance.
Councillor Iain Roberts, Executive Member for Economic Development and Regeneration at Stockport Council, said: "Once again we've shown our staunch commitment to regeneration by putting our money where our mouth is. The redevelopment of Stockport Exchange is crucial to the success of the town centre and the borough. Not acting now to secure its future is not an option.
"We've 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’t. The income generated will cover the cost of the loan and the wider benefits to the borough will be enormous. This scheme will create jobs for local people and vastly improve the town centre for residents, workers, commuters and visitors."
(CD/MH)
