Decision details

The Leader and Cabinet Member for Strategic Growth presented a report regarding the next stage of the Prestwich Village Regeneration Project, which included new housing, new retail units, a market hall, new leisure facilities and a new home for the library and attractive public realm. The Leader advised that the scheme was progressing steadily and this approval would keep the momentum up after the conclusion of the first phase.

In response to Members’ questions it was noted that the Prestwich scheme was quite advanced in terms of delivery when compared with other schemes. Prestwich and other town centres were becoming tired and suffering from vacancies, in contrast to their vibrant communities, and therefore the schemes benefitted from being very clearly defined. Bury Town Centre regeneration, however, was coming from an existing position of strength, which was a different dynamic and arguably more complex in terms of sequencing delivery. 

Decision:

Cabinet:

1.    Approved the commitment of circa £3,475,000 to deliver design, planning demolition and vacant possession activities required to achieve agreed milestones required to secure GMCA funding. This funding requirement is broken down as follows:

·       Underwriting of £2,250,000 in design fees (funded initially by Muse Places on behalf of the Joint Venture)

·       £1,000,000 in demolition costs

·       £225,000 to achieve vacant possession

2.    Noted the risks and proposed mitigations associated with the implementation of this development strategy.

Reasons for the decision:

Commitment of funds and delivery of the milestones stated below are required in order for the Council to secure external grant/Patient Equity funding via the GMCA in their March 2026 funding round.

Alternative options considered and rejected:

Pause the Prestwich Village Regeneration project following completion of Phase 1A of the development until external gap funding is secured via another route/funder. This option has been rejected as there is no clear alternative route to external funding for the project, other than that which is on offer from the GMCA. Following devolution, the majority of external grant funds are now managed via the GMCA. As such, their regeneration support funding is the most effective route to project delivery.