Grand Central Stockport - Redevelopment

Redevelopment

It was announced in February 2007 that the complex was to be redeveloped by then owners Targetfollow, at an estimated cost of £100 million. The development was to have been completed by 2010. The proposals were designed as a part of Stockport Council's Future Stockport masterplan. The redevelopment plans have been put on hold following the financial crisis, as of 2010 development has not commenced. The redevelopment plans include construction of a multi-storey car park, adding of a more significant retail element to the complex and a Travelodge hotel. In total the redevelopment will add 400,000 sq ft (37,000 m2) to the scheme and nearly triple the car parking spaces to 1,500. It will also include 200 residential apartments and improved Public Spaces. The planning application was submitted in July 2007.The planning application was successful and outline planning permission for the entire scheme was granted.

In July 2010 the then owners of the complex, Targetfollow narrowly avoided going into administration, after loans exceeding £200m provided by Lloyds Banking Group, expired. In total the companies debt in July 2010 was estimated at around £700m.

In January 2011, Stockport Metropolitan Borough Council purchased the complex, citing lack of progress on the redevelopment scheme. It is likely that under local authority ownership the redevelopment scheme will go ahead. In December 2011, Muse Developments were selected as the preferred developers for a revamped £145m scheme containing an office quarter, hotel, larger car park and more public space, and with the exception of the swimming pool and cinema, demolition of the other buildings, including where the nightclubs formerly stood, took place in the spring of 2012 as part of the future plans for the complex.