Middle East investor backs £175m Owens Park revamp

THE redevelopment of Manchester University’s Owens Park campus in Fallowfield is being backed by an Abu Dhabi-based investment company with links to Manchester City.

The Mubadala Development Company has agreed to contribute an undisclosed amount to the £175m redevelopment which involves the demolition of the landmark tower in Wilmslow Road.

The proposals include redeveloping 2,200 bedrooms at the 70-acre site and adding an extra 800, which are being lost from the university’s portfolio as a result of development of an engineering campus on Booth Street.

The city council is expected to approve a draft masterplan for the work next week.

Mubadala is owned by the Abu Dhabi government and led by City chairman Khaldoon Al Mubarak. The deal follows an agreement with its Mubadala’s Masdar subsidiary which will see it back a building dedicated to the commercialisation of graphene.

University vice-chancellor Dame Nancy Rothwell said: “This significant investment by Mubadala will allow our students to enjoy some of the best living and learning facilities in the country, and forms part of our 10-year capital expenditure programme to improve and evolve facilities at the University.”

Ali Eid AlMheiri, director of Mubadala’s real estate and infrastructure unit, said: “It allows Mubadala to further build on our existing portfolio of education projects including UAE University, Paris Sorbonne University and Zayed University in Abu Dhabi.”

At Owens Park the university wants to add rooms for second and third year students, which is not currently available at the campus, and contribute to relieving the pressure on “family homes in established communities”. Some streets around Owens Park have become dominated by student lets.

A document going before the council’s executive on Monday states the universitiy’s intention is: “The development of enhanced, modern student accommodation offering a combination of cluster flats and townhouses, all as part of a new student village offering an environment that it is not possible to replicate in the city centre.”

The redeveloped site will feature a community space, some commercial space fronting onto Wilmslow Road and enhanced sporting facilities. As well as the clearance of the tower at Owens Park, two other residential halls Oak House and Ladybarn House located nearby will also be demolished.