FEC deal unlocks £1bn investment into Manchester’s housing-led regeneration

Far East Consortium International (FEC) has been selected to work with Manchester City Council to deliver the Northern Gateway – the most ambitious housing-led regeneration project ever undertaken in the city.

The selection of FEC is expected to generate more than £1bn of investment over the next decade and unlock the residential potential of more than 300 acres of land that sweeps north from Victoria Station taking in the neighbourhoods of New Cross, the Lower Irk Valley and Collyhurst.

The vision is to create a series of distinct yet clearly connected communities making the most of the area’s natural resources including the River Irk and its location close to the city centre.

The partnership will deliver up to 10,000 new homes over the next decade with an emphasis on design quality and sustainability, open space and green walking and cycling routes.

Manchester City Council leader Sir Richard Leese, said:“This is the latest and arguably the biggest residential opportunity for transformational change in the city that we have yet seen.

“This investment partnership will allow the city core to expand and provide the right mix of high quality housing in well planned new areas to support our continued strong economic growth.

“The Northern Gateway area has the potential to be a new type of neighbourhood unlike any other in the city and we are very impressed with the understanding and shared vision that FEC bring to the partnership.”

Chris Hoong, managing director of FEC, said: “The Northern Gateway is an exciting project for FEC and it is indeed a great honour to share our expertise, experience and determination with Manchester City Council. Our Manchester team on the ground will work with local advisors and contractors to deliver a fully supported Northern Gateway to help bring about a new international experience to this marvellous city.”

David Chiu, chairman of FEC, added: “Manchester is famed for its architecture, culture, musical exports and media links along with an impressive heritage of scientific and engineering innovations.

“Manchester City Council market data shows there will be very strong demand for new homes for a great many years to come.  Manchester is a place where people from all walks of life want to stay and where families thrive.  We at FEC believe we have all the right credentials to successfully deliver this prominent development.”

The announcement of the Northern Gateway partner follows a comprehensive market bidding process and detailed evaluation over the last eight months.

Manchester Place – the partnership between the city council and the Homes and Communities Agency  – identified the Northern Gateway as a key area for residential growth at scale and will continue to provide help and support as the transformational plans develop.

Manchester Place chief executive Paul Beardmore said: “The provision of world class housing that people can afford to rent or buy is fundamental to the continued growth of Manchester.

“We have seen a huge increase in residential construction in the last two years but we have to ensure this pipeline continues and that we create neighbourhoods where people from all walks of life want to stay and where families thrive.

“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.

Hong Kong-based FEC has already shown its commitment to Manchester, with detailed plans to build 754 new homes around the historic Angel Meadow Park expected to be submitted shortly.