FEC closes on £2bn Northern Gateway housing deal
Hong Kong-listed Far East Consortium is understood to be closing in on selection as the preferred investment partner to deliver Manchester’s Northern Gateway housing programme.
The project encompasses the delivery of 10,000 homes across 300 acres in the Lower Irk Valley, New Cross, Collyhurst and the NOMA site and has long been seen as a problem for the city.
The development value of the project, which will take up to 15 years to deliver, is thought to be £2bn.
Manchester Place, the joint venture between Manchester City Council and the Homes & Communities Agency, has been working alongside the council on the procurement process, with GVA engaged to run the competition, which was launched in spring 2016.
It is believed that FEC will act as lead investor, bringing in different developers for different sites within the area in phases.
FEC has already made headway in the North of the city. In autumn 2015, it was selected as preferred development partner on a 754-home, £200m residential scheme in Angel Meadow, the Northern Gateway’s first element. A planning application is expected soon.
All parties declined or were unavailable to comment when contacted by Place North West.