The owner of Manchester City Football Club, Abu Dhabi United Group, will invest in the £1bn development masterplan in the east of Manchester.
In the first phase of the £1bn proposal the ‘Manchester Life’ partnership will deliver 830 privately rented homes.
Ultimately the masterplan will see the creation of 6,0000 homes in total.
According to Manchester city council, the plans will help to meet the city’s aim to build ten of thousands of homes by 2027.
The phase one is expected to create demand for retail, leisure and commercial developments that will create thousands of construction jobs for locals.
Manchester Life Development Company, a joint venture between the two partners will be established to manage the construction phase of the scheme.
Following the completion and approval of phase one development plans, construction work is expected to begin next year.
Sir Richard Leese, leader of Manchester City Council, said: “The announcement adds another commercial dimension to the already significant investment made by Manchester City Council and ADUG in East Manchester, and in doing so progresses the regeneration story which began in the 1990’s and was accelerated by the 2002 Commonwealth Games and ADUG’s recent development of the Etihad Campus.
“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.”
Abu Dhabi United Group, Board Director, Marty Edelman, commented on the news: “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.”
Abu Dhabi United Group is an investment company owned by Sheikh Mansour bin Zayed Nahyan and was formed to enable him to buy Manchester City Football Club in 2008.
Photo Source: City A.M.