Supporting Public Sector Led Residential Development in Manchester City Centre
Manchester City Council has long recognised that there must be an appropriate supply of quality homes in the City to support its ongoing prosperity and that of the City Region. The City’s economy has performed very well, despite the recession and the Council wants to ensure that the City’s growth potential is not held back by lack of appropriate housing. A strategy to support the delivery of 55,000 new homes by 2027 has been established to ensure a suitable future supply of quality homes continues to attract workers which will fuel the City’s growth.
We have been advising the City Council for the last 10 years on its role in supporting the delivery of private rented homes including research into the growth potential of the private rented sector (PRS) and advice on the delivery model for the collaboration with the Greater Manchester Property Venture Fund. We also supported the Manchester Life initiative – the £1bn JV between the Abu Dhabi United Group and MCC which will deliver 6,000 new homes over 10 years – through the following:
We also advised on the wider phasing delivering strategy for “Manchester Place” the JV between the City Council and the Homes and Community Agency and prepared its Investment Prospectus
- Advice on the potential occupiers
- Advice on the specification of the PRS product
- Support in the financial modelling to demonstrate viability
Manchester City Council has provided a strong collaborative framework to support new residential development in the City Centre over the last 10 years ensuring that, despite the recession, significant numbers of new homes are being delivered in the City Centre.
The first six schemes under Phase One of the Manchester Life initiative now all have planning permission and 5 schemes are under construction - over 800 of the 1000 units are underway.