Mon. Aug 15th, 2022

WEIR MILL VIEW02 DAY FINAL HIGH RES

The 14-storey new building element has divided opinions. Credit: CGI by Our Studio

Dan Whelan

The council has agreed to fund the construction of Capital & Centric’s 253-apartment redevelopment of the city center following the granting of planning approval last month.

A loan for the Weir Mill project of £ 60 million. Granted through the Mayoral Development Corporation’s £ 100m investment facility, subject to approval by the Council’s Finance and Regeneration Committee later this week.

“It is important to identify that this facility would be funded through prudent borrowing and would not be funded through council reserves or other revenue such as council tax,” the authority said.

Planning approval for Capital & Centric’s Weir Mill project, designed by BDP, was granted in September, and construction could begin early next year if the loan is approved.

Adam Higgins, co-founder of Capital & Centric, said: “Weir Mill is one of the flagship projects within the Mayoral Development Corporation area and will see a rather unloved brownfield site restored to a thriving new community.

“This funding will help deliver MDC’s ambitious vision for the city center, create a new destination for Stockport and is a great example of getting a higher plan in action. By working together, the public and private sectors can help restart the city center, and it’s places like Stockport that show how to do it. ”

The Stockport Council is eager to see the “complex and difficult” site redeveloped. For the past 20 years, the scheme has been devastated by “a number of issues, including the aging and deterioration of listed building structures and viability issues,” the council said.

Cllr David Meller, Cabinet Member for Economics and Regeneration at Stockport Council, said: “Weir Mill is a priority scheme within MDC, and through the £ 100 million MDC Investment Facility approved by the Cabinet in October 2019, we hope to bring this landmark development forward. with debt financing.

“Capital & Centric has strong experience in providing similar schemes, and this will be a catalyst for further development, providing 253 new homes, attracting more people to live and work in the city center, while respecting the building’s original heritage and history. . “

Capital & Centric bought the site from Maryland Securities in May 2020

Stockport Walkaround 11, P.Place North West

Capital & Centric is rebuilding the abandoned Weir Mill. Credit: Place North West

The issue of viability has also proved controversial since the developer submitted a planning application for the project in December.

To make the scheme viable, the developer wants to create a newly built 14-storey apartment block that partially obstructs the view of Stockport’s famous viaduct.

Despite protests from some conservatives, the council looked past the damage to the cultural heritage and gave the project the green light.

The foreign minister must now decide whether he wants to convene that decision.

Weir Mill is close to the £ 120 million Stockport Interchange project and is an important part of the council’s regeneration strategy for the city.

The authority has already received £ 7 million. From Homes England to unlock the site for remodeling.

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