Major regeneration of Trafford town centres set to move forward

A major redevelopment and regeneration of two town centres in Trafford is set to take a step forward.Changing the leasing arrangements for Stretford Mall, King Street and Stamford Quarter will be discussed by Trafford Council’s executive.Trafford Bruntwood LLP is looking to re-gear the existing leases of the three assets, principally by an extension of the existing lease terms. This is to enable further investment, redevelopment and regeneration of Stretford and Altrincham town centres.A council document said re-gearing the Stretford Mall and King Street leases enables the redevelopment of Stretford Mall. It added that developers and funders require the certainty of a long lease and the current leases are less than 100 years.Trafford Council owns the freehold interests in Stretford Mall, King Street and Stamford Quarter.The report said it has been a “long held ambition” of the council to bring forward the redevelopment of Stretford Mall and the Stamford Quarter to support the regeneration of the town centres in Stretford and Altrincham.However, as the properties were leased on long leasehold interests to commercial operators, it was not possible to bring forward proposals in that regard. But in 2019, the opportunity to acquire the leasehold interests arose and Trafford Council entered into a joint venture with Bruntwood and formed Trafford Bruntwood LLP. This was to acquire the three leasehold interests, with the joint ambition to invest in the redevelopment and regeneration of the two town centres.A recommendation has now been made for the executive to approve the changes of the leases as set out in the report.Trafford’s executive meets on Monday 21 March.