A huge £1bn development with 3,000 homes has taken a vital step forward, thanks to a funding agreement years in the making.
Land for the development has finally been opened up thanks to a funding agreement for a bridge on the boundary between Salford and Trafford. The bridge, which connects TraffordCity to Salfordbridge and is owned by Peel L&P, was causing delays in the progress of development because no-one could agree who should pay for it going forward.
The 50 metre lifting bridge marks a vital route into the site earmarked for the Trafford Waters development, as well as a corresponding Salford council-backed development known as Port Salford.
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The Trafford Waters site is located directly opposite the Trafford Centre and the first phase of the development alone is anticipated to require an investment of around £100m from Peel. The whole project could cost upwards of £900m.
The development was granted outline planning permission in December 2018 for up to 3,000 dwellings, 80,000sqm of office space, 6,700sqm of commercial floorspace, a 300-bedroom hotel, a care home and a primary school.
The first 350 homes for the site are due to be delivered by 2025 and the proposals are set to be complemented by the new Trafford Metrolink extension into Trafford, as well as a new road junction at junction 10 of the M60.
Now finally Salford council, Trafford council and Peel L&P have agreed that they will split the cost of the Salford Western Gateway bridge that was causing the hold-up.
The ownership is set to remain Peel’s, as well as its practical maintenance, but the cost of managing the bridge will be split three ways with Salford council, Trafford council and Peel L&P each paying a third.
The move is set to ensure free flowing movement of traffic, pedestrians and cyclists to and from the area.
The payment responsibility for each council will kick in once a certain number of homes have been built in their respective areas and will be limited to £60,000 each per year initially.
However, over a period of years this responsibility could increase with inflation and according to each council’s income from their respective developments to a cap of £110,000 per year per council. For context, the expected council tax income from the first 140 homes at Trafford Waters alone would be in the region of £150,000.
A report setting out the legal funding agreement for the bridge and Trafford council’s role within it was approved at a meeting last night of the authority's executive. Coun Andrew Western, Trafford council leader, said: “This site is extremely important to our aspirations, not only at Trafford Waters but also at Partington and Carrington.”
