Developers ''investing heavily'' in Greater Manchester - commercial mortgages

26 October 2007

A desire to stay ahead of the competition and to ensure that local economies remain prosperous is pushing councils and developers to build new retail centres in Greater Manchester, according to local media reports.

The Manchester Evening News has said that developers in Stockport, Oldham, Manchester itself and Wigan are all planning new developments, opening up possibilities to firms with commercial mortgages in the process.

The schemes include the £500 million Bridgefield scheme in Stockport town centre and an upgrade to Manchester''s Barton Arcade, thought to value the site at £20 million, the newspaper has revealed.

"On the whole, Greater Manchester towns realise that they must remain competitive and see the need to enhance their retail offer in order to maintain and strengthen their position in the retail hierarchy," said GVA Grimley retail partner Richard Lucas, speaking to the paper.

Earlier this week Manchester was voted 31st in a poll surveying the economic prospects of cities across Europe.