Bradshaw Advisory developed a new co-investment model to unlock the delivery of 10,000 new homes across Greater Manchester, working in partnership with CBRE, Greater Manchester Combined Authority, Homes England and the Greater Manchester Pension Fund (£33bn AUM). 

Traditional grant funding is no longer the only option to close viability gaps. Leveraging changes to the Subsidy Control Act, we produced a detailed policy report and HM Treasury Green Book-compliant economic modelling to assess alternative funding structures. 

We also looked at how the new funding models would impact Benefit Cost Ratios (BCRs) and align with the government’s regional growth and house building missions. The preferred model doubles the BCR of projects with a reduced ask of the taxpayer.

To test our approach, we selected eight case study sites facing challenges such as stalled infrastructure, planning delays, and financial viability issues. We modelled new funding mechanisms for the eight schemes - including different combinations of grant, debt, and equity to determine the most effective way of bridging viability gaps.

Our analysis demonstrated that a more targeted and flexible investment approach could unlock significantly more housing than conventional public funding mechanisms alone.

From a 60-page technical report we created a short ministerial and special adviser submission to explain the idea and benefits. We used this policy paper and our network to design and run a highly-effective targeted public affairs campaign, engaging the key advisers and civil servants across 10 Downing Street, HM Treasury and MHCLG. 

Working closely with CBRE, we successfully socialised the proposed funding model at the highest levels of government.

The Chancellor announced the £1bn fund in the June 2025 spending review. This fund is now set for trial in Greater Manchester, with plans for national rollout.