In their first foray into the town, the £60m project will restore the 18th-century mill buildings and involve some new build.

The project located alongside the town’s iconic viaduct is one of the first to come forward under Stockport’s Mayoral Development Corporation’s ambitious plans for the town centre.

It is being backed by £7m of Housing Infrastructure Fund money from Homes England.

The Weir Mill site will be adjacent to a brand new £120m transport interchange.

Tim Heatley, co-founder of Capital & Centric said: “Times are tough but regeneration projects will be an important part of Greater Manchester’s recovery.

“We’re hugely excited to be coming to Stockport and this deal shows how much confidence we have in the town.”

A planning application is expected later in the year.

Nick Walkley, Chief Executive of Homes England, said: “Our partnership work with Stockport MDC is helping drive forward their ambition and vision which could serve as a blueprint for other town centres.

“The Housing Infrastructure Fund is helping to unlock this iconic site and it is great to see a developer with the track record of Capital & Centric showing their confidence in the town.”

Last month that Capital & Centric secured a funding deal for its 275 bedroom jenga inspired hotel in Manchester.

Despite the current crisis, the company is still spending £2m a week on regeneration.