Oldham council is to begin tendering for a development partner on an 800-home regeneration plan for its town centre.
Last night the council’s cabinet approved the mixed-use Prince’s Gate scheme, which will include 150,000 sq ft of new shops and a 51,000 sq ft Marks & Spencer’s anchor.
The cabinet has set up a Greater Manchester investment vehicle to drive the development of regen schemes, of which Prince’s Gate will be the first.
A joint venture structure will be set up to offer the opportunity to develop other council-owned residential and commercial sites in Oldham.
The so-called “foundation bank“ of projects has a value in excess of £100m and includes around 1,000 homes.
Oldham council leader Jim McMahon said: “Prince’s Gate at Oldham Mumps is a fantastic opportunity to deliver our most ambitious scheme for the town centre since the 1980s and we’re delighted to start the process of finding our delivery partner.
“The joint venture investment vehicle we’re establishing here is a great way of simplifying potential issues around procurement, council subsidies and state aid when looking at self-delivery of growth at key sites.”
