Man City owner announces partnership to build hundreds of homes

Following the approval of the development plans, more than 830 new homes in Ancoats and New Islington, construction work is expected to begin next year.

Manchester Life Development Company, a joint venture between the council and the private equity company, will be established to oversee the development.

All of the land which is required for the properties has been assembled and the homes will be predominantly for private rent.

This agreement forms the first phase of the Manchester Life initiative and builds on regeneration work that has already taken place in the area by the council and a variety of partners over the last 15 years. The council foresees that Manchester Life will help regenerate the eastern fringes of the city and it will see investment from further investors of up to £1 billion over the next 10 years. It estimates this investment could provide more than 6,000 new homes.

Sir Richard Leese, leader of Manchester 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.’