Hong Kong-based 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 and one of the largest urban regeneration opportunities in the UK.
Over the next decade, a cool £1bn is expected to be spent unlocking the residential potential of 300 acres of land on the northern edge of the city centre including New Cross, NOMA, Lower Irk Valley and Collyhurst. Much of it is brown field, former industrial land, which is currently underused.
The area has the potential to deliver more than 10,000 homes new homes over the next 10-15 years – a significant contribution towards the city’s residential growth target of 25,000 new homes to be built in the city over the period 2016 – 2026.
The vision is to create a series of distinct yet clearly connected communities with excellent walking, cycling and public transport links which make the most of the area’s green spaces and natural resources such as the River Irk, and its location close to the city centre.
Manchester city council leader Sir Richard Leese said: “The Northern Gateway area has the potential to be a new type of neighbourhood unlike any other in the city, 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 announcement of the Northern Gateway partner follows a comprehensive market bidding process and detailed evaluation over the last eight months. FEC will work closely with Manchester city council, local advisors and contractors to deliver an entirely new international experience to the city.
David Chiu, chairman of FEC, said: “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.”
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 and will continue to provide help and support as the transformational plans develop.
With the provision of housing that people can afford to rent or buy fundamental to the continued growth of Manchester, this investment will lead the way in creating neighbourhoods where people from all walks of life want to stay and where families thrive.
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.