Europe’s most ambitious innovation district cements deal
Announced today, the ID Manchester project has taken another important step forward, with completion of the £1.5 billion joint venture between The University of Manchester and Bruntwood SciTech.
The University and Bruntwood SciTech, a 50:50 joint venture between Bruntwood and Legal & General, have completed legal documentation which will see them work in partnership to enhance, develop and deliver an innovation district that will be at the forefront of global innovation, cementing the UK’s position as a world-leading science and technology innovation hub.
Bruntwood SciTech, the UK’s leading property provider dedicated to the growth of the science and technology sector, 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, with the potential to create more than 10,000 jobs over the next 10-15 years. 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.
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 (370,000 square metres) of space, including 2.6 million sq ft (240,000 square metres) of new commercial workspace, 1350 apartments, 2 hotels, and a £28 million 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 JV, Diana Hampson, Director of Estates and Facilities at The University of Manchester and Chris Oglesby, Executive Chair of Bruntwood SciTech shared the following: “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. We’re delighted to have reached the next milestone in the project and would like to thank Addleshaw Goddard, CBRE, Eversheds Sutherland, KPMG and Start Advisory for their support. 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.”
Wes Erlam, Director of Urban Regeneration at Legal & General Capital said: "Universities are a key driver for growth, acting as a magnet for talent and incubator of innovation. They have an integral role in shifting the dial for the future success of UK regional cities. We are delighted, therefore, to have moved a further step forward in delivering ID Manchester, a major partnership offering a unique opportunity to invest in, and develop, a significant innovation district which will set new benchmarks for mixed-use, sustainable development, whilst supporting the growth of the UK’s science and technology infrastructure and creating over 10,000 jobs."
ID Manchester is located to the south of the city centre adjacent 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.