Noel Gallagher is backing a project to build a musical Hall of Fame in Manchester.

Plans to build a venue which would house memorabilia from Manchester artists both past and present as well as a live venue, restaurant and megastore have been given the seal of approval by the former Oasis frontman.

He said: “Manchester has always punched above its weight musically and it’s high time this was celebrated in a way that will act as an inspiration to the next generation of artists.”

Oasis, New Order, The Smiths, The Bee Gees, Happy Mondays, The Stone Roses and Take That are all expected to be featured, with organisers 3DTwin hoping the venue will can put at least £50m into Greater Manchester’s economy each year.

Richard Abbott, founder of the firm, said: “Manchester’s music is the city’s greatest cultural asset and it’s time this incredible heritage is exploited for the benefit of Greater Manchester and its people.

“We want to showcase the story of Manchester and inspire the next generation. History is a wonderful thing but it’s also about the people of today and the people of tomorrow. The appetite for it is there and we’re really excited about it.”

New Order bassist Peter Hook has also given the project his blessing.