The Greater Manchester Combined Authority Investment Sub-Committee approved significant investments in three development projects: Whitworth Street West in Manchester, Trafford Wharf in Trafford, and Wingates in Bolton. These investments, totalling over £61 million, are part of the Good Growth Fund and aim to deliver new homes and commercial spaces, create jobs, and support the region's economic development.

Good Growth Fund Schemes Approved

The Sub-Committee approved the GMCA's investment in three key development projects under the Good Growth Fund.

• Whitworth Street West, Manchester: An investment of £17,000,000 was approved for this project, which will deliver 364 new apartments for rent. The scheme aims to bring a vacant brownfield site in the city centre back into use. The delivery partners are M&G as the investor partner and Glenbrook WWS Limited as the developer. The project is expected to be completed by 2030 and will be subject to a S106 agreement with Manchester City Council. The investment is structured as equity and is considered necessary to overcome viability challenges in the current market.

• Trafford Wharf, Trafford: A £26,000,000 investment was approved for this development, which will provide 382 new apartments for rent. Located in a designated regeneration area, the scheme is part of the wider plans for the Old Trafford Regeneration Mayoral Development Corporation. The delivery partners are Heim UK Residential Fund as the investor partner and Cole Waterhouse as the developer and investor partner. The project includes a S106 agreement requiring contributions towards affordable housing and local facilities. The investment is structured as equity and is also deemed essential to proceed due to market conditions.

• Wingates, Bolton: The committee approved an £18.1 million loan for this project, which will create 166,450 sq ft of commercial floorspace in the logistics sector. Situated within the Wigan-Bolton Growth Corridor, the scheme aims to support employment growth in the area. The delivery partner is Harworth Estates, acting as both developer and investor. This investment is structured as a loan and is intended to address viability gaps in the industrial and logistics market.

In addition to approving these specific projects, the Sub-Committee also delegated authority to the Group Chief Financial Officer, Director of Strategic Finance, and Director of Sustainable Growth and Infrastructure to review and confirm satisfaction with the final due diligence for each investment. Furthermore, authority was delegated to the Group Chief Financial Officer and the GMCA Monitoring Officer to approve the final detailed terms of the investments, ensure compliance with the Subsidy Control Act 2022, and approve the relevant legal agreements.

Good Growth Fund Update

The Sub-Committee received an update on the Good Growth Fund, noting the overall investment approach, governance processes, and the current status of projects within the portfolio. The fund, launched in November 2025 with £2 billion, aims to align devolved funding with the priorities of the Greater Manchester Strategy. To date, over £1 billion has been allocated, supporting the delivery of key growth priorities, unlocking development opportunities, and leveraging additional investment. The update highlighted that while progress has been made on several schemes, some projects are facing challenges such as rising costs and difficulties in securing private capital.

Programme of Meetings

It was noted that future meetings of the Investment Sub-Committee would be held monthly, with specific dates to be confirmed.

Exclusion of the Press and Public

The committee resolved to exclude the press and public from the meeting for the consideration of certain items of business, citing the likely disclosure of exempt information under the Local Government Act 1972. This exclusion was deemed necessary as the public interest in maintaining the exemption outweighed the public interest in disclosure.

Good Growth Fund Updates (Parts A and B) and Investment Recommendations

Further updates on the Good Growth Fund were provided, including an overview of the fund's allocations, its investment approach, and governance structure. The reports detailed the current status of various schemes within the fund's portfolio, highlighting both successes and challenges. The Investment Sub-Committee was presented with investment recommendations, which were subsequently approved as detailed above. The process for approving investments involves a multi-stage review, including assessment by a Credit Committee and external advisors, before reaching the Investment Sub-Committee for final political approval. The reports also outlined the social value commitments expected from funded projects, such as supporting good employment, skills development, and environmental standards.