Purpose

The decision is required urgently to protect the delivery of a strategically important regeneration opportunity and avoid the risks associated with delaying a time-sensitive transaction.

The Ashton Town Centre Programme received a Good Growth Fund allocation in November 2025 to support strategic acquisitions within the town centre. The first phase of the programme was completed in May 2026 and the second and final phase is now at an advanced stage.

The acquisition of key retail assets is a key element of Tameside MBC's wider regeneration plans for Ashton Town Centre and is critical to unlocking future redevelopment opportunities.

Negotiations on the acquisition remain ongoing and completion is anticipated during September 2026. Delegated approval is therefore required to confirm GMCA’s agreement to the final terms of the transaction and facilitate completion of the purchase within the required timeframe, avoiding delays to the wider regeneration programme.

Decision

The Group Chief Executive officer is asked to:
1. Approve the Good Growth Fund investment to support the acquisition of a strategic town centre asset in Ashton, on the terms set out in the confidential Part B report.
2. Authorise the completion and execution of all necessary funding and legal documentation required to implement the investment.

Alternative options considered

Deferring the decision to a future meeting of the Greater Manchester Combined Authority was considered but rejected. The proposed acquisition is at an advanced stage, with negotiations ongoing and completion anticipated in September 2026. Delaying approval until a future meeting could impact the ability to complete the acquisition within the required timeframe and could adversely affect the wider Ashton Town Centre regeneration programme. Delegated authority is therefore considered the most appropriate mechanism to enable the final terms of the transaction to be agreed and to ensure delivery momentum is maintained.