Manchester City Football Club owners plan transformation
Published by Anonymous for 24dash.com in Housing and also in Development
Britain's cities 'becoming more competitive'
Abu Dhabi United Group, the owners of Manchester City Football Club, have announced a major new partnership with the council to accelerate the transformation of two emerging neighbourhoods.
Phase 1 of the programme will see the provision of more than 830 homes in the Ancoats and New Islington areas of Manchester.
The predominantly privately rented accommodation will help the city achieve its Residential Growth Strategy to build tens of thousands of new homes by 2027.
The multi phased Manchester Life initiative, foresees investment of up to £1 billion over the next 10 years, with provision for further multiple investors. It will expand the residential market on the eastern fringe of the city, providing a platform for the delivery of more than 6,000 new homes.
Manchester Life Development Company, a joint venture between the two partners, will be established to oversee the development.
Following the completion and approval of Phase 1, construction work is expected to begin next year.
Sir Richard Leese, leader of Manchester City Council, said: "Today’s 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."
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 existing 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. We are extremely proud of the resulting Manchester Life joint initiative that will complete the transformation of the Ancoats and New Islington areas".