The project is Gresham’s second in Stockport. Credit: Extract from Stockport Council consultation documents
The investor joins a growing list of organizations that have contributed to the cost of delivering the project to build 196 rental homes.
Gresham House has invested £12million in the Stockport scheme, part of the £120million redevelopment of the city’s former coach station.
In addition to Gresham’s investment, the GMCA and Stockport Council provided £10m, while £21.5m was provided through the Greater Housing Investment Loan Fund Combined Authority Manchester.
In addition, £3m of brownfield funding and £3.8m of housing infrastructure funding have been awarded through Homes England.
“This complex public-private partnership investment demonstrates our long-term sustainable investment focus and will provide our investors with strong risk-adjusted returns,” said Alistair Wardell, Chief Investment Officer at Gresham House.
“We are also excited to leverage this new relationship with the GMCA and accelerate our multi-occupancy residential investment strategy, partnering with other projects to provide new, affordable residential housing in the area. .”
The deal marks Gresham House’s second investment in Stockport, having previously backed Rise Homes’ 117-unit letterbox scheme.
Rise Homes is Gresham House’s dedicated BTR platform.
The residential element of Stockport Interchange is being developed by CityRise, a joint venture between Rise Homes and Cityheart, on behalf of Transport for Greater Manchester.
The cost of the project was originally estimated at £40million, but is set to rise, as reported Location North West in November.
Wilmott Dixon has been appointed prime contractor for the 14-storey BTR project. The building will include 70 one-bedroom apartments and 126 two-bedroom apartments.
Other elements of the Stockport Interchange project include the creation of a new downtown bus station and park. Both will be connected to the station and the A6 through the creation of new links.
The redevelopment is expected to be completed in 2024.
Greater Manchester Deputy Mayor Paul Dennett said: “The support of Gresham House has been invaluable in ensuring that we can significantly increase new, good quality homes in Stockport town center alongside the redevelopment of the London bus station. ‘exchange.
“The green spaces, pedestrian and cycling infrastructure created as part of this development will also help improve the lives of residents.