The University of Manchester has announced that the process has begun to find a development and investment partner to deliver the £1.5 billion ID Manchester project, a new world-class innovation district in the city.
The University and chosen partner will leverage the global reach of its commercial partnerships and research institutions while synthesising with the significant and connected innovation ecosystems that are already formed around the Oxford Road Corridor.
The estimated gross development value of the project is £1.5 billion. ID Manchester aspires to be a trailblazing neighbourhood that will drive economic growth and potentially create over 6,000 new jobs.
Professor Dame Nancy Rothwell, President and Vice-Chancellor of the University of Manchester, said: “ID Manchester will create a new, world-class innovation district situated in the heart of Manchester and alongside the University, were we will nurture the next generation of game-changing businesses and bring huge economic benefits to our city region and beyond.”
Past commercial relationships of the University include organisations such as Rolls Royce, the BBC, Siemens UK, Colgate Palmolive, Unilever and GlaxoSmithKline (GSK).
The University has claims it has contributed £746 million into the economy since 2004 by nurturing and developing businesses through its research and development facilities.
The University of Manchester says ID Manchester will span 4 million square feet
The area available to the University for this development spans approximately 4 million square feet (370,000 square metres) and the us of this space is expected to be divided into: 2.6 million square feet of new work space and three acres (approximately 130,000 square feet) of high-quality public realm.
The site benefits from existing green space and the 650,000 square feet Grade II listed Sackville Street Building which offers a fantastic opportunity for re-purposing.
ID Manchester is adjacent to Manchester’s main public transport hub, Piccadilly Railway Station and is a 20-minute train journey to Manchester International Airport.
The ID Manchester project is one of the last major development opportunity sites in the city, another piece in the jigsaw of the major regeneration taking place in that area of the city including Mayfield, London Road Fire Station, Kampus, Circle Square and the £1 billion investment that is already being made into the main Oxford Road campus by the University of Manchester.
Sir Richard Leese, leader, Manchester City Council said: “Manchester City Council look forward to this exciting next step for ID Manchester.
“Not only will it lead to the regeneration of this distinctive part of the city but will further the city’s reputation as a place for pioneering innovation while creating thousands of jobs.”