The investment plan is valued at £1bn. Credit: Stockport Metropolitan Borough Council.

Stockport Mayoral Development (MDC) in the UK has selected the English Cities Fund (ECF) as its preferred long-term joint venture (JV) partner to invest over £250m ($311.28m) to develop a site in Stockport’s town centre.

The investment will help transform the existing town centre site in the Greater Manchester area into a digitally-driven and green locality.

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Once completed, the eight-acre site will be named Stockport 8 and will feature more than 1,200 new homes, as well as retail, leisure and office spaces.

Development of the site will be carried out in line with Stockport MDC’s Town Centre West masterplan, a part of the town centre’s £1bn investment initiative.

The Town Centre West masterplan will include up to 4,000 new homes, 1mft² of additional employment area, key public transport enhancements, and new green space along with extra local amenities to be built in the next 15 years.

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Stockport MDC chair Robert Kerslake said: “It speaks volumes about the strength of the opportunity in Stockport that, within just one year of starting our search for a new development partner for Stockport 8, we have secured a long-term joint venture with ECF.

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“The interest from the industry was overwhelming, but ultimately, ECF demonstrated a shared long-term vision for the site, and for Stockport.

“This vision was one that clearly reflects the ambitions laid out in our Strategic Business Plan, including a way forward that delivers against our guiding principles of community, sustainability and innovation, and, most importantly, one that best serves the needs of local people.”

The ECF is a strategic JV between Muse, Legal & General and the UK government’s housing and regeneration agency Homes England.