Purpose

An allocation of 3% of Fund
assets to the Greater Manchester Property Venture Fund was ratified
by Panel on 11 July 2025.
 
To progress towards legal
exchange of the Development Agreement, additional funding of
£115k is required to instruct technical/specialist
advice.
 
On receipt of planning
permission, it may be appropriate to commence further design/value
engineering works (budget £300k) to accelerate the
construction programme.
 
Once certainty on the project
viability has been achieved, it may also be appropriate to further
accelerate the construction programme by instructing utility
decommissioning and the demolition of the existing building (budget
£1m).
 
All costs incurred are to be
included as allowable project costs within the Development
Agreement with the preferred development partner, once it becomes
unconditional.

Content

DETERMINED That in relation to the 3%
allocation to Greater Manchester Property Venture Fund,
approved by Panel on 11 July 2025, for GMPF to forward fund an
additional £1.5m of development costs (total funding
£2.9m, including previous approvals), in advance of legal
completion of the Development Agreement with the preferred
development partner following which all costs will be accounted for
in accordance with the Development Agreement.