Government welcomes first phase of new £1 billion Manchester housing initiative
24 Jun 2014 02:48 PM
Government welcomes first phase of new £1
billion Manchester housing initiative following new partnership between
Manchester City Council and Abu Dhabi United Group
The
Chancellor of the Exchequer, George Osborne, welcomed a new partnership between
Manchester City Council and Abu Dhabi United Group (ADUG), the owner of
Manchester City Football Club, to deliver the first phase of an initiative that
will see up to £1 billion invested over the next 10 years in a new
housebuilding project called ‘Manchester Life’.
The
investment comes the day after the Chancellor set out his vision - in a speech in
Manchester - for a northern economic powerhouse by better connecting
the great cities of northern England.
The
first phase of the ‘Manchester Life’ project announced today will
deliver over 830 new homes and it is hoped the partnership will kick-start the
development of more than 6,000 properties.
Manchester Life Development Company, a joint venture
between the two partners will be established to oversee the development with
construction expected to begin next year.
Manchester Life builds on the regeneration activity in
East Manchester that has been led by Manchester City Council in collaboration
with a range of partners over the last 15 years, accelerated by Abu Dhabi
United Group’s recent development of the Etihad Campus and its City
Football Academy.
The
Chancellor said:
This investment is great news for Manchester. It will
lead to thousands of new jobs and homes and will help secure the economic
recovery across the city and beyond.
It
is a vote of confidence in northern England and our long term economic plan. It
shows global investors want to come to all parts of Britain and is a sign of
the potential that exists to create a Northern powerhouse to take on the rest
of world.
Commercial Secretary to the Treasury, Lord Deighton
said:
This partnership is not only fantastic news for the city
of Manchester, but can serve as a model for how successful private investment
in housing follows when local government creates the right conditions. I would
like to congratulate both Manchester City Council and Abu Dhabi United Group
for another world leading collaboration following the work they have already
undertaken together in East Manchester and look forward to Manchester Life
breaking ground next year.
Photo courtesy of Irwellian on Flickr,
used under Creative Commons.