Greater Manchester launches next wave of Good Growth funding

Greater Manchester’s leadership has unveiled a new tranche of investment from its Good Growth Fund, channelling hundreds of millions of pounds into projects aimed at boosting job creation, housing delivery, transport improvements and local industry as the region pursues long‑term economic growth.

image: GMCA - transport investment underpins initiatives such as the Atom Valley Mayoral Development Zone in Rochdale

The city‑region’s Good Growth Fund, a pioneering local investment vehicle first launched last year with £1bn of backing, will nearly double in size through new commitments from the National Wealth Fund, government support and targeted transport allocations. This expanded pipeline – now totalling almost £2 bn – is intended to unlock private capital and deliver transformational projects throughout Greater Manchester.

Greater Manchester Mayor Andy Burnham said the expanded funding demonstrates the region’s ambition to ensure that “every part of Greater Manchester benefits from our approach to good growth.” He added, “We’re serious about making sure every part of Greater Manchester benefits from our approach to good growth. By almost doubling our Good Growth Fund, thanks to a landmark partnership with the National Wealth Fund and new investment from Government, we can invest in bringing even more homes, jobs and opportunities to our communities.”

Oliver Holbourn, Chief Executive Officer of the National Wealth Fund, said, “The National Wealth Fund’s ambition to provide significant investment across the city region will help create skilled jobs and opportunities and contribute to long-term, sustainable growth for Greater Manchester and its communities and businesses. 

“This announcement is a reflection of our confidence in Greater Manchester’s capacity for innovation and growth, and a testament to the close partnership we have established with the combined authority.”

Andy Haldane, the President of the British Chambers of Commerce, described the Good Growth Fund as an innovative way to attract investment which should be replicated across the UK. 

“The truth is we are awash with money but far too little of it is flowing outside of the South East,” he said. “In the Good Growth Fund we have a new piece of financial plumbing that can solve that problem at scale in a risk matched way that crowds in monies both from sources like the National Wealth Fund and also being able to tap that big reservoir of  private cash as well, crowding that in and therefore crowding in growth in Greater Manchester and then beyond. 

“Ultimately what I hope is that that fund can be replicated outside of Greater Manchester to unlock all of that potential, all of that talent, all of that good growth in Greater Manchester and ultimately across the whole of the UK to make good on the holy grail that is national growth.”

Projects funded as part of the latest allocations include:

Bolton

£69.8m for the Park Avenue link road in Bolton, the first phase of the wider 18km M61-M6 NorthFold east-west link road, including segregated active‑travel routes and bus infrastructure to support major mixed‑use development. This will unlock 4,000 new homes, 25,000 sqm of employment space and 1,250 full-time equivalent jobs.

Bury

£34.9m for 248 new rental homes across three buildings as part of the Prestwich Village regeneration project, including 62 at 20% below market rent, all built to the Future Homes Standard.

£52.1m for the Northern Gateway Western Access in Bury and Rochdale, providing multi-modal access and creating a new western access route into the Northern Gateway employment site from M66 Junction 3, unlocking around 3,000 new homes, 1,200,000 sqm employment space and 20,000 operational jobs.  

Manchester

£26m for 423 homes across three brownfield sites in Wythenshawe, to kick-start a 2,000‑home masterplan. This includes 233 social rent homes, 109 extra‑care units, and 81 affordable rent homes.

£60m for a new Metrolink tram stop at Sandhills in north Manchester serving the Victoria North regeneration area where more than 15,000 homes are planned, providing high‑quality public transport and enabling higher‑density development. 

Rochdale

Up to £15m for the new Sustainable Materials and Manufacturing Centre in Rochdale, the first major development within the Atom Valley Mayoral Development Zone and an anchor for our Advanced Materials and Manufacturing supercluster. This will unlock 11,686 sq ft of employment space and contribute to an estimated £23.6m GVA. This is our first Good Growth Fund allocation into an innovation asset. 

£52.1m for the Northern Gateway Western Access in Bury and Rochdale, providing multi-modal access and creating a new western access route into the Northern Gateway employment site from M66 Junction 3, unlocking around 3,000 new homes, 1,200,000 sqm employment space and 20,000 operational jobs.

Salford

A guarantee of a £0.9m small loan to enable residents to occupy nine apartments for recently homeless people at the former Salford Carpet Shop site on Seedley Road in Salford. They will all be social rented, supported living units with associated staff facilities on site. 

Stockport

A £1.6m Small Loans Fund allocation for 16 rental apartments, re-purposing the vacant upper floors of Graylaw House in Stockport.

Tameside

£17.4m for upfront enabling works and supporting infrastructure to unlock the Godley Green Garden Village site in Tameside for up to 2,150 homes, 7,000 sqm of employment and associated community facilities and 600 new jobs.

Trafford

£23.9m for 249 homes in Stretford town centre as part of the redevelopment of the former Arndale shopping centre, building on the new King Street high street transformation. This will deliver 249 rental apartments as part of a wider masterplan for up to 800 homes. 

£89.1m for transport investment in New Carrington including a new road providing the primary highway connection needed to unlock 5000 new homes, 350,000 sqm employment floorspace, and 4,000 to 5,300 new full-time equivalent jobs as well as improving local transport capacity, including active travel and bus infrastructure.

Wigan

£25.7m for a Wigan-Hindley link road for a new 4km connection extending the A49 Link Road over the West Coast Main Line, with upgraded walking, wheeling and cycling routes through a reallocation of road space on the A577. This would unlock 2,000 new homes, 2,500 sqm of employment space and 1,460 new jobs.