Legals on £1.5bn ID Manchester joint venture completed

A CGI of ID Manchester

A £1.5bn development partnership in the centre of Manchester which could create more than 10,000 jobs in the next 10-15 years has taken an important step forward.

Legal documentation for the ID Manchester joint venture project between The University of Manchester and Bruntwood SciTech has been completed.

Bruntwood SciTech, a 50:50 joint venture between Bruntwood and Legal & General, was announced by the university as the preferred bidder last summer.

ID Manchester will provide vital specialist infrastructure ​​to power the growth of the knowledge economy and unlock the commercialisation of R&D innovation.

The joint venture partners say it will be a place of inclusive innovation, home to the most exciting new ideas and ventures that address some of humanity’s greatest challenges and opportunities.

They say when complete, ID Manchester will be the base for a global community and an exemplar for a new approach to sustainable development.

It will provide more than four million sq ft of space, including 2.6 million sq ft of new commercial workspace, 1,350 apartments, two hotels, and a £28m investment in the public realm that will provide a focal point for a vibrant events programme​​.

The University of Manchester has been advised by Eversheds Sutherland, CBRE, KPMG and Start Advisory. Law firm Addleshaw Goddard advised Bruntwood SciTech.

On behalf of the joint venture, Diana Hampson, director of estates and facilities at The University of Manchester, and Chris Oglesby, executive chair of Bruntwood SciTech, said: “ID Manchester will become the most valuable single site, city centre, mixed use development outside of London and the most connected location in the North of England.

“ID Manchester will be a cornerstone of the city region and the UK’s innovation strategy, driving prosperous economic and inclusive growth and investment, and becoming one of the most exciting projects driving levelling up and R&D translation. Over the next few months we’ll be developing the masterplan for the site and look forward to sharing it in due course.”

ID Manchester is located to the south of the city centre next to Piccadilly railway station, the University of Manchester campus, and the existing innovation ecosystem clustered around Oxford Road, part of the largest clinical academic campus in Europe.

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