Investment partner sought for major Manchester regeneration initiative
Published date : 13 March 2012
A search has been launched for a lead investment partner to deliver one of Manchester’s most important regeneration initiatives.
Manchester City Council, with Network Rail and the Homes and Communities Agency (HCA), is looking for a partner to create a series of high-quality new residential neighbourhoods in the Collyhurst and Lower Irk Valley areas of north Manchester.
Totalling 135 hectares on the edge of the city centre with excellent transport links, the area is one of only a handful of places in Greater Manchester that has the potential to provide much-needed housing on such a large scale, within easy reach of the local job market.
Within 10-15 years, the aim is to have created a vibrant new place with mixed housing for working families, a great retail offer and excellent employment opportunities for local people. The plans include:
- Building more than 2,000 new private homes - in a wide range of housing types, from family homes to apartments
- Refurbishing a further 1,000 homes
- Boosting the population of the area by 10,000 residents.
A new retail hub will be developed on Rochdale Road, providing shops and services for the area’s new community.
It is intended that the design of the new low-carbon neighbourhoods will capitalise on the area’s existing open spaces and setting, creating an attractive and sustainable place to live.
Neighbouring areas such as NOMA, Miles Platting and East Manchester are benefiting from considerable investment and the Collyhurst and Lower Irk Valley sites are well placed to share in this momentum.
Deborah McLaughlin, North West Executive Director at the HCA, said:
“This major urban extension of the city centre is great news for Collyhurst and the Irk Valley. The plans demonstrate how housing and regeneration can bring about long term economic growth. Together with our partners, we’re committed to encouraging this economic growth by revitalising existing stock and delivering new homes. This exciting new development provides a great opportunity for an investment partner to deliver high-quality homes that meet the aspirations of local residents and create vital new employment opportunities.”
Sir Richard Leese, Leader of Manchester City Council, said:
“The Collyhurst and Lower Irk Valley sites represent one of the most exciting investment opportunities in the North West. We have big ambitions for this area and we’re looking for an investment partner with the expertise to create a popular and sustainable new neighbourhood where people will want to live for generations to come.”
David Briggs, Property Director for Network Rail, said:
"Combined together, these sites represent a significant and exciting development opportunity for Manchester. We are confident that with the right investment partner working with ourselves, the council and the HCA, the vision for the area will be realised."
GVA Grimley is advising Manchester City Council and its partners through the procurement process. It is expected that a preferred bidder will be selected by the end of 2012.