The local authority’s cabinet has approved the commitment of funds granted by the Greater Manchester Combined Authority to deliver designs, plan demolition, and achieve vacant possession of the Longfield site.
Demolition of Longfield shopping centre will clear the way for new-look retail units, a 6,500 sq ft market and food hall, and new leisure and community facilities.
In addition, the joint venture has plans to build up to 200 homes across three blocks, rising to seven storeys on the Longfield plot on the car park adjacent to the shopping centre.
An underwriting of £2.25m, funded initially by Muse Places on behalf of the joint venture between the developer and Bury Council, Prestwich Regeneration, is to contribute to design fees and includes a condition that a planning application must be submitted by March 2026.
A further £1m will go towards demolition costs, while the final £225,000 is to be used to achieve vacant possession, according to a council report.