Hundreds of vacant or under-used mills in the North could be refurbished to provide 42,000 homes, or 2.3m sq ft of offices.
A report published today by Cushman & Wakefield shows that space equivalent to 322 football pitches is locked up in the former textile mills in Greater Manchester, Yorkshire and Lancashire.
The Engines of Prosperity report, commissioned by Historic England, will be presented to MPs this afternoon.
It adds that bringing the mills back into use, either as housing, workspace, or a combination of the two, would add £3bn to the local economies. The mills would be worth £8.3bn if brought forward as market value homes.
Cushman & Wakefield partner, Stephen Miles, said: “We have seen a surge in the market’s appetite to repurpose textile mills for residential and commercial purposes, and this latest work underlines the scale of the opportunity that remains.”
The report is a follow-up to reports published in 2016 and 2017, and includes a number of case studies of successful regeneration projects, such as Crusader Mill in East Manchester (pictured), which is being repurposed as 123 apartments by Capital & Centric.
Catherine Dewar, Historic England’s North West regional director, said: “The mills of the North are such an important part of our history, culture and landscape. These amazing buildings and sites can accommodate wonderful homes, workplaces and cultural spaces. Special places where the history and character shines through.”
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