A £1bn regeneration of east Manchester is being planned by the owners of Manchester City FC in partnership with the local authority , as revealed by Estates Gazette in March.
Abu Dhabi United Group – the private equity company owned by Sheikh Mansour bin Zayed Al Nahyan, which owns Man City – will partner with the council to build more than 6,000 homes, attracting investment of up to £1bn over 10 years. Many of the homes will be earmarked for the private rented sector.
The initiative, to be known as Manchester Life, start with a first phase of 830 homes built in Ancoats and New Islington. It is the result of a major investment drive by UK Trade and Investment.
The scheme builds upon such infrastructure improvements in the city as the completion of the Metrolink line.
A joint venture known as Manchester Life Development Company will be established to develop the homes. Work is expected to begin next year.
All the land for phase one has been assembled. In total the scheme is expected to cover 90 acres of undeveloped and derelict land between the Manchester City stadium and the town centre.
Sir Richard Leese, leader of Manchester city council, said: “The planned transformation of the eastern edge of the city centre is the single biggest residential investment Manchester has seen for a generation. Building thousands of quality new homes will be a fundamental part of our growth story and will deliver significant socioeconomic impact. We look forward to working with Abu Dhabi United Group to create a world-class exemplar of regeneration.”
Speaking on behalf of the Abu Dhabi United Group, board director Marty Edelman said: “ADUG, through Manchester City Football Club, has come to know Manchester city council’s vision for regeneration and its ability to deliver major initiatives effectively. Given Abu Dhabi United Group’s long-term commitment to Manchester and the council’s economic growth plan, it was a logical decision to look at ways to create a commercial partnership with the city to deliver its wider residential strategy.
“We are effectively investing in the opportunities and positive circumstances created by our joint investments to date.”
chris.berkin@estatesgazette.com
