Legals complete on ID Manchester JV
Bruntwood SciTech and The University of Manchester have signed the legal documentation to join forces to build the £1.5bn innovation district off Oxford Road.
The joint venture was first announced in May last year after a competitive bidding process that saw Peel L&P and Urban Splash, HBD, and Mapletree Investments vying for the project.
Bruntwood SciTech is itself a joint venture between Bruntwood and Legal & General.
ID Manchester would create more than 4m sq ft of development, including 2.6m sq ft of offices, two hotels, and 1,350 apartments across 26 acres. The project also calls for a £28m investment into public realm.
London-based real estate investor Stanhope will act as development manager for the project. Architecture firm Allies and Morrison drew up early concept images for the scheme.
Regarding the legal agreement surrounding the JV, the university was advised by CBRE, Eversheds Sutherland, KPMG and Start Advisory on the deal. Bruntwood SciTech was advised by Addleshaw Goddard.
In a joint statement, The University of Manchester director of estates and facilities Diana Hampson and Bruntwood SciTech executive chair Chris Oglesby said that they were happy to have reached the next milestone in the scheme.
“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,” they said, afterwards thanking the firms that helped with the legal agreement.
“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,” they continued
A masterplan for ID Manchester is expected later this year.