The Homes and Communities Agency (HCA) approved a value for money business case which has paved the way for the scheme to be implemented. The HCA approved the scheme on behalf of the Department for Communities and Local Government.
Manchester City Council can now proceed with the regeneration and has the authorisation to select a preferred organisation to carry out the Brunswick regeneration programme, following the HCA's approval of the business plan.
The regeneration programme is expected to last 25 years and it is hoped that the scheme will attract further investment to the area. Brunswick has suffered from a lack of development as many projects have been postponed over the past few years, the City Council said.
As part of the scheme up to 500 new homes would be built and made available for rental and sale. Plans also propose an "improved" neighbourhood design, including new road layouts and safe open space. The refurbishment of 650 existing council homes is also planned.
A new retail area with new shops and amenities is planned for the area, which will include a neighbourhood office and a 60 bed sheltered accommodation facility.
"This announcement takes us a step closer to a new Brunswick, and although we still face a number of hurdles, this is a welcome announcement that gives some light at the end of the tunnel for residents who have waited years for these plans," said Councillor Jim Battle, deputy leader of Manchester City Council.
"We have a fantastic community here that will no doubt continue to prosper as the regeneration plans come to fruition. Being so close to the city centre, coupled with the promise of new homes and an improved neighbourhood layout, I can see a bright future for Brunswick," he said.
The Government's approval of this element of funding for the scheme means the City Council can now consider the tenders of the project consortiums who will be responsible for delivering the regeneration plan. The City Council will evaluate the final bids before selecting the preferred bidder later this year, it said.
