Property deal will provide a massive boost to the borough’s economic regeneration
Contracts have been exchanged between Trafford Council and Bruntwood Works on a joint venture, which will see the acquisition of Stretford Mall as well as Altrincham’s Stamford Quarter Shopping Centre and Clarendon House. The deal will more than double Bruntwood Works’ current retail and leisure portfolio.
There have been too many false dawns for Stretford in recent years but taking control in this way allows us to think long term
In a time of budget cuts and sustained austerity, the leader of Trafford Council, Cllr Andrew Western, identified that people may wonder exactly where the money is coming from.
In response, he says, “this is financed from capital borrowing not day to day revenue spend. In the end, these purchases will in fact help with our budget pressures because the rental and other income provided over and above borrowing costs will contribute to closing the substantial budget gap we face in this and future years. In short then it’s a win-win boosting both our town centres and the Council’s budget.”
He continued: “This is fantastic news for Trafford. One of our aims is to create successful and thriving places in the borough, with a particular focus on our town centres and local communities, and this deal allows us to do this.
“Acquiring Stretford Mall will be a massive boost to the area and our residents, with the opportunity for comprehensive redevelopment to also include our Lacy Street site. I know residents have been calling out for more investment in the area and we are listening to them.
“The purchases in Altrincham show our confidence in the continued regeneration of the town centre whilst I am delighted that we have been able to get our hands on Stretford Mall so that we can work with the local community on plans for much needed regeneration of the town centre.
“We acknowledged when we took control of the Council last year that Stretford regeneration was a key priority for us as an administration and we need to get this right. There have been too many false dawns for Stretford in recent years but taking control in this way allows us to think long term and to get things right for the future.”
Plans for the redevelopment of Stretford will be made in conjunction with residents and businesses to ensure the successful regeneration of the area. The Council is already looking to revive Stretford with its Civic Quarter Masterplan, which will boost the area from Lancashire Cricket Club to Manchester United’s Old Trafford ground.
Other recent council-led regeneration schemes have included the redevelopment of Urmston, investment in new public areas in Altrincham and Stretford, and support for private sector investment and redevelopment proposals across all four of its town centres.
Altrincham has been transformed in recent years, being named as the best in England in the Great British High Street Awards in 2018. Now, Bruntwood Works is set to play an integral part in the town’s next phase, adding Stamford Quarter and Clarendon House to its portfolio.
Andrew Cooke, Regional Director at Bruntwood Works, said: “Altrincham town centre is one of Greater Manchester’s biggest success stories in recent years, soaring in footfall, economic growth and consumer appeal, so we’re thrilled to be part of its journey.
“We have a long history of creating places, developing inspirational workspaces alongside flourishing retail destinations, and we have always sought to create incredible environments and communities in which our customers can grow.”
The property deal will also bring economic benefits, as well as the chance to regenerate areas of the borough. Returns from the investment will be put back into frontline services for the council.
The joint venture between the Council and Bruntwood Works is similar to what is already in place for the redevelopment of the former Kellogg’s site in Old Trafford into University Academy 92 (UA92).
Cllr Western added: “We see the Stamford Quarter as key to the future of the town centre – by securing control over the site, the Council and our partners at Bruntwood Works will be in a position to manage it so that the success of the area continues."