19 February, 2008 – Stockport Council unveils plans for new flagship business park
Stockport Council has appointed Terrace Hill, the AIM-listed property group, as their preferred development partner for a 270,000sq ft business park on the site of Gorsey Bank, Stockport.The multi-million pound redevelopment of the former Council housing estate in Cheadle Heath will be a major boost to Stockport's economy.
In partnership with the Northwest Regional Development Agency (NWDA), the Council has acquired additional parcels of land through voluntary negotiations in order to deliver a 20 acre site ripe for development.
Terrace Hill’s proposal caught the attention of the Council who, with the assistance of NPS Stockport Ltd, will now begin work with the property group to create a flagship business park.
Comprising 270,000sq ft of B1 office accommodation, the high quality business park will house up to 2,500 employees, reflecting Stockport’s aim of becoming the employment destination of choice for south Manchester.
Councillor Sue Derbyshire, Executive Member for Regeneration, said: "It has taken some time to fulfill our ambition for this important site and to ensure the proper planning and development of the area.
"Now, as part of our £1 billion regeneration plan, ‘Future Stockport’, we can begin to transform Gorsey Bank into one of the region’s prime places to do business.
"We look forward to working with Terrace Hill in creating a prestigious business park for Stockport."
Adam Pratt, Development Director from Terrace Hill, added: "The opportunity to develop a high quality mid-urban business park in Stockport marks another key step in the town’s renaissance.
"Terrace Hill has a strong track record working on similar UK public/private regeneration projects and this appointment secures our expansion into the North West market place."
Peter White, Executive Director of Development at the NWDA, commented: "The NWDA was pleased to be able to provide its support in helping to acquire the land for this development to create a high quality new business park for Stockport.
"Through attracting business investment and generating employment opportunities for the local community, the project will create a real boost for the local economy."
Bob Dyson, North West Chairman of Jones Lang LaSalle, who advised Terrace Hill throughout the bidding process, concluded: "Terrace Hill’s experience and skill base in the regeneration arena will enable them to create a sustainable, attractive and commercially successful development of the highest standard."
Source: Stockport Council press release