The corporation was established as part of an initiative by the future Deputy Prime Minister, Michael Heseltine, in 1988 during the Third Thatcher ministry.

[1] Board members were directly appointed by the minister and overrode local authority planning controls to spend government money on infrastructure.

[2][3] Its flagship developments included the Bridgewater Hall concert auditorium.

Nearly 86 acres (350,000 m2) of derelict land was reclaimed with 1.3 miles (2.1 km) of new roads and footpaths established.

[5] The Chairman was Dr James Grigor and the Chief Executive was John Glester.