HC Deb 22 February 1989 vol 147 cc694-5W
94. Sir Fergus Montgomery

To ask the Secretary of State for the Environment in what ways Manchester has benefited from the establishment of an urban development corporation.

Mr. Trippier

The Central Manchester development corporation has been in existence for just over six months. This earlier period has been marked by an enormous boost in developer and investor interest, and general confidence, in central Manchester.

Proposed grants by the corporation of about £6½ million have let to major development projects, planned or underway, involving a total private sector investment of £34 million and giving a gearing ratio of more than 1:4. These schemes are principally residential and commercial developments which will breathe new life into the Whitworth street and Piccadilly areas, and continue the good work done over recent years at Castlefield.

All these developments and many other proposals already in the pipeline, will revitalise the urban development area and bring investment and jobs to the city centre, to the benefit of the people of Manchester, and indeed, the north-west as a whole.