English university to tender US$2 billion campus development project this year
The University of Manchester, located in north-west England, has announced plans to procure a joint venture partner to invest in and deliver its circa GBP1.5 billion (US$1.94 billion) (Gross Development Value) North Campus site.
The campus is to be developed within ID Manchester, a circa 26 acre (10.5 hectare) site on the South Eastern side of Manchester City Centre. The development opportunity is circa 16.4 acres (6.64 hectares) which is currently occupied by the University for teaching and research purposes. The site benefits from existing green space and the 620,000 square feet (57,599 square metres) Grade II Listed Sackville Street Building.
It is intended that a corporate joint venture will be formed between the University and the successful partner(s), which will take forward the development of ID Manchester as a mixed use community aligned to the vision of the University. The development will be required to attract science, research, development, cultural and technology companies, as well as accommodating new residential space.
The site development and use will focus on specialities which combine the research and industrial strengths of the University and the city region with national economic priorities, such as, advanced materials, health innovation, artificial intelligence, digital technology and industrial biotechnology which are key areas for Manchester’s industrial strategy. It is anticipated it will create approximately 6,000 new jobs.
It is anticipated that the joint venture (or Special Purpose Vehicles (SPVs) wholly owned by the joint venture) will procure and carry out all infrastructure works, undertake direct development, secure occupiers and dispose of completed development parcels and/or sell serviced plots in accordance with its business plan.
The University will retain significant influence within the joint venture and will continue to hold the freehold of the site. It will actively lever its research and training activities to contribute to the success of ID Manchester.
A tender for the project is scheduled to be launched on 30 April 2019.
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