Manchester inks deal for 30% of 2m sq ft Airport innovation zone
Columbia Threadneedle has exited the MIX Manchester joint venture, selling the majority of its 50% stake to the city council and the other 20% to the Greater Manchester Pension Fund.
The deal, first revealed in early June, is aimed at giving Manchester City Council more control over how the 2m sq ft science and innovation campus next to the airport comes forward.
Manchester City Council now controls just shy of one-third of the vehicle behind the 60-acre masterplan. GMPF has upped its stake from 10% to 30% as part of the same deal.
The other MIX Manchester stakeholders are Manchester Airports Group and Beijing Construction Engineering Group International.
Commenting on behalf of MIX Manchester, Gareth Jackson, Group Property Director at Manchester Airports Group, said the city council’s investment was a sign of confidence in the scheme.
“MCC’s investment marks an important milestone in the delivery of MIX MANCHESTER.
“This strategic move strengthens both regional confidence and ownership in one of the UK’s most significant science, innovation, and manufacturing campuses and will ensure the project delivers maximum benefit to Manchester and the wider region.”
Leader of Manchester City Council Cllr Bev Craig said outlined the rationale for the investment, both in terms of its regenerative impact and potential for job creation.
“MIX Manchester will create thousands of quality jobs in key growth industries – creating clear employment pathways for our residents to share in the success of our city,” she said.
“We believe MIX will be a catalyst for further investment in Wythenshawe – complementing the regeneration programmes in the local area – and an outstanding opportunity to attract and develop new businesses in a prime growth location, while creating financial returns for Manchester.”
Designed by Sheppard Robson and Planit, with CBRE as planning consultants, MIX Manchester is being marketed by JLL and Track Real Estate as agents.
The brand MIX Manchester emerged last year as the result of a strategic shift in focus for what was previously known as Airport City.
Where Airport City had promised 5m sq ft of commercial space, MIX Manchester (which stands for Manufacturing Innovation Exchange) has the capacity for 2m sq ft of labs, manufacturing facilities, and the offices required for those companies, alongside three hotels, public realm, and leisure facilities.
In total, £30m of joint venture capital has been invested in highways and utilities infrastructure to service MIX Manchester to date. A new pedestrian bridge linking to the main airport site, the Enterprise Way link road and the installation of high voltage electricity and utilities connections have already been completed on the ‘shovel-ready’ site.
Come on Manchester City Council publish the analysis of the market that has underpinned this investment. Doubt this will fly as a concept so at least publish your evidence that MIX has the potential to establish itself in what is a very challenging market.
By Anonymous
This will never happen more than the other numerous schemes which have never happened.
By Captain Trubshaw
Why are they buying back what they sold in 2020?
By Dan Smith
Columbia Threadneedle’s exit is hardly a vote of confidence.
As a Manchester council tax payer I’d like to know the details of the deal – has MCC got a good deal (compared with the original)?
By At a loss?
Captain Trubshaw – if any city can make this happen, it’s Manchester, a city that, over the last 30 years, has been transformed on the back of delivered property development.
By Anonymous
White elephant in waiting
By Anonymous