Manchester City Council have selected Far East Consortium to create 10,000 new homes as part of the Northern Gateway project, Property Week report.
The project taps into the 13 million sq ft of fine redevelopment potential just north of Victoria station, making “the most of the area’s natural resources”, such as the River Irk.
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Aspiring to create “a series of connected communities”, the project is forecasted to generate more than £1bn of investment over the coming decade into the disused land across Angel Meadows, New Cross, Lower Irk Valley and Colleyhurst.
Sir Richard Leese, Manchester Council leader claims that this is arguably the biggest opportunity that Manchester has ever had for “transformational” levels of new housing, stating that the partnership with FEC will enable the city “to expand and provide the right mix of high quality housing in well planned new areas to support our continued strong economic growth”.
The transformation will start with the construction of new flats on surface car parks alongside Angel Meadows, which will include a 41 storey skyscraper off Gould Street in addition to townhouses on Old Mount Street.
Chairman of FEC, David Chiu, said: “Manchester is the third-most visited city in the UK and is famed for its architecture, culture, musical exports and media links along with an impressive heritage of scientific and engineering innovations”, stating that “Manchester City Council market data shows the demand for new homes in the Manchester city centre will continue to exceed supply”.
Manchester Place, the partnership between the Manchester Council and the Homes and Communities Agency, believes the Northern Gateway is integral for substantial residential growth and will provide support as plans develop.
Paul Beardmore, Chief Executive of Manchester Place stated that “The provision of world-class housing that people can afford to rent or buy is fundamental to the continued growth of Manchester.
“Today’s announcement is a landmark and cements the city’s success in attracting international investment at scale and again shows how our unique partnership approach is delivering real results and providing the new housing we need.”
