Bruntwood SciTech, a 50:50 joint venture between Bruntwood and Legal & General, has been picked as the preferred bidder to deliver the city’s new £1.5 bn (€1.75 bn) innovation district - ID Manchester.
The University and Bruntwood SciTech will now form a new partnership to enhance, develop and deliver the vision to establish ID Manchester as a new innovation district, which when complete will provide over four million sq ft (370,000 m2) including 2.6 million sq ft (240,000 m2) of new commercial workspace and a £28 mln investment in the public realm that will provide a focal point for an events programme.
The area benefits from existing green space and the unique feature of the 650,000 sq ft (60,000 m2) Grade II-listed Sackville Street Building.
Chris Oglesby, executive chair, Bruntwood SciTech said: ‘From the splitting of the atom, to the first isolation of graphene, Manchester has been at the forefront of global innovation. The ambition to create an innovation district of this size and scale will help transform the UK’s knowledge economy and cement the UK’s status as world leader in science, technology and engineering.’
ID Manchester is Legal & General’s 9th significant urban regeneration scheme, having invested billions of pounds in partnerships with universities such as Oxford and Newcastle and Local Authorities in areas such as Cardiff, Salford and Sunderland.
Nigel Wilson, Group Chief Executive Legal & General said: ‘Universities are a key driver for the growth of cities, acting as a magnet for talent and incubator of growth and innovation. They have an integral role in shifting the dial for future success. This partnership is a unique opportunity to invest in, and develop, a significant, long-term and patient capital project that is economically viable and socially useful.’
It is expected the joint venture agreement will be signed by the autumn. The new joint venture partnership will see Stanhope appointed as strategic development manager in their first project outside of the South East of England, confirming the developer’s commitment to the Life Sciences sector across the UK.
