Millions to be spent building new homes in north-west
8th Feb 2012
A multi-million pound investment to build new homes in the north-west has been announced by Manchester City Council.
The Greater Manchester Pension Fund (GMPF) is set to pay for the construction costs, which will total around £25 million and see as many as 250 new properties for sale or rent being built in and around the city.
According to the authority, the programme could be rolled out over ten years if it proves successful and may see many more new homes being built in the north-west, as well as the rest of the UK, should other local authorities be inspired.
Councillor Paul Andrews, executive member for neighbourhood services, told the Manchester Evening News that in the current economic climate, the levels of development being brought forward and the availability of mortgage finance are not keeping pace with the city's needs.
"That's why the council, working with Greater Manchester Pension Fund and the Homes and Communities Agency, is looking to bring forward an innovative new model for investing in new housing which will help address this issue," he added.
Meanwhile, a pension fund spokesman said that the GMPF is working with the council to deliver new homes that will satisfy the fund's twin aims of commercial returns and supporting the area.
"This type of investment will be part of developing a diversified portfolio. The initial scale of investment currently being considered is up to £25 million," he stated.
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