Stockport Council’s Labour Cabinet approved investment in Phase Three of the Stockport Exchange development at their Cabinet meeting of August 15th.
Stockport’s Lead Member for Economy and Regeneration, Cllr Kate Butler, welcomed the approval of a further £17million investment in the scheme as a reflection of the huge successes of the first two phases.
Plans for Phase 3 include a further 50,000 sq ft of Grade A office space accompanied by a mixed retail offer on the ground floor. The new buildings will occupy the Cineworld site which is scheduled to cease operating once the Light Cinema at Redrock is open for business. This work will be followed by plans to extend the development toward the A6 to offer a range of mixed use commercial units and vastly improved public spaces.
Phase One saw the building of a multi-storey carpark to service successive developments and was followed by Phase Two which incorporates 40,000 sq ft of premium office space, a 115 bedroom hotel, convenience store and café, and upgraded public realm creating a vastly improved gateway to Stockport from the station.
The Holiday Inn Express reports consistently high levels of occupancy and new tenants, Stagecoach and Music Magpie, now occupy the office space directly opposite the hotel. Local business Cafelito has taken one of the ground floor units and Sainsbury’s occupy the other. Both outlets are now able to service the significant commuter traffic passing through the station as well as the growing workforce in this new commercial quarter.
Commenting, Cllr Butler said:
“I am pleased to see Stockport Exchange passing major milestones with flying colours. The interest shown so far means we could have let the Phase Two premises many times over.
“This success has contributed to a strong business case for further investment. Because of this, the Council has now made the decision to take forward the next phase of the Stockport Exchange project, which we expect will continue to draw strong commercial interest.
“Regenerating the station approach and grand central complex area is key to our £1 billion investment in our town centre.
“It’s hugely important to maintain the momentum we have already established and the next phases will see a significant step-up in improvements to this area, including an inviting route towards the town centre and high-quality public realm and office space, drawing in jobs and footfall for Stockport businesses.
“As a Council we have shown our confidence in Stockport with these investments, it is great to see the private sector reflecting this.”