May 2024
Interchange Wins International Partnership Award
Stockport’s £140m Interchange was the winner at the International Partnership Awards last week, beating Bangladesh’s Patenga Container Terminal PPP Project and Germany’s Project S-Bahn Munich in the Best Financial Structure category. The team picked up the award at a ceremony at The Royal Lancaster Hotel in London and were delighted with some of the judges’ comments and feedback.
Transport for Greater Manchester (TfGM), Greater Manchester Combined Authority (GMCA) and Stockport Council (SMBC) selected Rise Homes and Cityheart as development partner and The British Strategic Investment Fund (BSIF) as equity investment partner, for Stockport Interchange. All parties formed a Partnership, Interchange Homes LLP, to deliver the scheme and the award was submitted on behalf of the partnership by Cityheart.
The judges said that: ‘The project demonstrates a highly innovative approach to funding, combining public grants with patient equity to create a viable financial model for a complex urban regeneration project. It overcame significant construction and market-related challenges, particularly those introduced by the Covid-19 pandemic, showcasing resilience and adaptability. The project’s contribution to the broader regeneration of Stockport, boosting its position within the North West, and setting a precedent for future town centre transformations, was particularly notable.’
The £140m mixed-use Interchange scheme has not only delivered the town’s state-of-the-art transport interchange but also a high-quality 196 apartment residential development built by Cityheart as is part of a £1bn investment in Stockport town centre.
Other judges’ comments included:
‘Public sector entrepreneurialism at its best – it is really tough to make positive developments happen in economically challenged towns.’
‘A good example of authority parties working together to deliver a project combined with elements of innovation to benefit local communities.’
“Impressive regeneration vision, innovative structural solution and an uplifting approach to collaboration across multiple public and private sector parties.’
ENDS
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