The partnership, Manchester Place, will create a pipeline of development-ready sites to help the city meet its ambitious target of creating 55,000 new homes by 2027 as set out in the Manchester Residential Growth Prospectus. It will work with investors – such as Manchester Life - developers and others who wish to support high quality housing across the city to ensure there are sufficient opportunities. Where justified, this could include providing access to HCA funding.
Forecasts suggest that the city has the potential to generate an extra 50,000 jobs by 2023, and that by 2030 the population will exceed 600,000. Ensuring the right number of homes in high quality neighbourhoods is a key challenge. Key tasks for Manchester Place include working with landowners to get sites ready for development, assembling land where necessary, and using the land resources and market intelligence of both the Council and HCA to produce a co-ordinated response to government initiatives encouraging house-building. Receipts from land sales will be recycled for housing and associated developments supporting growth.
An annual investment plan will identify priority areas for public and private sector investment which can unlock residential growth. These will be designated as Investment Action Areas, with Ancoats and New Islington one of the first.
Deborah McLaughlin, NW Executive Director of the Homes and Communities Agency, said:
Manchester Place captures the strong working relationship that has developed between the City Council and the Homes and Communities Agency, and is a great demonstration of how we can jointly use pioneering investment models to stimulate growth. By working closely in collaboration, we are ensuring that we support local strategic priorities – Manchester’s population is growing enormously quickly, and this partnership will accelerate the supply of much-needed housing in the city.
Councillor Jeff Smith, Executive Member for Housing and Regeneration, said:
Manchester Place will secure an integrated approach by Manchester and the HCA to stimulating faster and wider interest in the city’s housing market. We welcome conversations with other investors, both international and UK-based, about the many opportunities in the city and will engage with landowners and developers to create a development pipeline for all investors and developers willing to support our residential growth strategy. This is a significant partnership which should have a huge positive impact on Manchester’s housing market.
The activities of Manchester Place will be overseen by a project board, chaired jointly by Deborah McLaughlin and the chief executive of Manchester City Council.
Manchester Life is a £1 billion investment partnership between Manchester City Football Club and Abu Dhabi United Group, the privately owned investment company which also owns Manchester City Football Club, continuing the transformation of east Manchester to bring 6,000 new homes to the city over the next 10 years.