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GMCA Leaders invest in more homes for Greater Manchester

22/12/2016

Greater Manchester’s leaders have given the green light to more investment in new homes.

Developments on Owen Street in Manchester and the former Star Inn site in Failsworth, Oldham are to receive loans from the Greater Manchester Housing Investment Fund.

The loan to FQ Developments Ltd, to construct 846 apartments on Owen Street in Manchester is the single largest ever agreed by the fund, at £70m.

A further £1,228,165 will go towards a second phase of development on the site of the former Star Inn, Failsworth, for the construction of 11 townhouses and 4 apartments.

Cllr Richard Farnell, GMCA lead on Planning and Housing, said: “These investments from Greater Manchester’s Housing Fund will provide hundreds of much-needed quality homes for residents and support local housebuilders.

“The Greater Manchester Housing Fund has provided us with the tools to kickstart new developments, with more than £125m already invested through loans which are then repaid with interest, at no cost to the public purse. I’m pleased that we are continuing our work to build new homes in the city-region.”

The Greater Manchester Housing Fund was established as part of Greater Manchester’s devolution deal to provide investment that could kickstart stalled housing projects and support developers in delivering new homes across the city region. The Housing Fund has already committed more than £125m in housing projects across Trafford, Oldham, Manchester, Bury and Salford. All loans approved are subject to due diligence.