University launches Faraday development contest
A developer is being sought to deliver 2,000 student housing units for Manchester University on the site of two surplus buildings in Sackville Street in the city centre.
The university is looking to dispose of a 125-year leasehold interest for the development with the possibility of an income guarantee for part of the accommodation built. The sites are part of the academic stock inherited from the merger with UMIST in 2004.
As revealed in October , the university plans to dispose of land north of the Mancunian Way and concentrate its teaching campus to the south.
The terms of the Faraday development brief require the developer to take on the "construction and operational risk including demand risk for the new student accommodation without recourse to the university".
The brief goes on: "Notwithstanding the university's wish to transfer risk, the university is prepared to enter into dialogue with a view to providing an income guarantee on a number of bedrooms, for up to 15 years, on either a lease or a nominations agreement. The University currently anticipates that number being between 500 and 750 bedrooms but reserves the right to revise this number up or down without limitation during the dialogue process. It is anticipated that the total number of bedrooms with the benefit of the guarantee and the duration of the occupancy agreement will be identified during the dialogue phase."
The development partner will also undertake the ongoing site maintenance and management after construction is completed.
The deadline for the pre-qualifying questionnaires to be in is 18 March.