The corporation was established as part of an initiative by the future Deputy Prime Minister, Michael Heseltine, in February 1987 during the Second 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[2][3] The work of the corporation included transforming an extensive area of outdated, semi-derelict industrial property.

Its area included Trafford Park and also parts of Stretford, Salford Quays, and the former steelworks at Irlam, now known as Northbank.

[7] Wharfside included 200 acres (81 ha) of land at the eastern end of the Trafford Park as well as part of the ship canal docks and the area around Manchester United F.C.