Manchester City Council has set up a joint venture with the Homes and Communities Agency designed to help it unlock development sites and deliver up to 55,000 new homes by 2027.
The partnership, called Manchester Place, aims to create a “pipeline of development-ready sites” for the new homes needed in the city, which has a rapidly expanding population due to exceed 600,000 by 2030. In the 2011 census, the city’s population was 503,100.
Manchester’s chief executive, Sir Howard Bernstein, said last week at the launch that the initiative was about “trying to change our front door to developers and investors”.
He added that the city would not fight shy of using compulsory purchase powers to achieve the 55,000 homes in 15 years target, saying: “Our focus is on ensuring that barriers to development are removed as much as possible. This includes using compulsory purchase powers, so that our ambitions are not constrained by any unreasonable behaviour.”
“Our focus is on ensuring that barriers to development are removed as much as possible. This includes using compulsory purchase powers, so that our ambitions are not constrained by any unreasonable behaviour.”
Sir Howard Bernstein, Manchester City Council
Manchester Place will work with investors, developers and contractors to assemble land and prepare it for development, exploit market intelligence from the council and coordinate the city’s response to government initiatives on house building. Receipts from land sales will be recycled for housing and associated developments to support growth.
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.”
Manchester Place will put together an annual investment plan to identify priority areas for public and private sector investment, known as Investment Action Areas, to unlock residential growth. The first of these will be the emerging east Manchester neighbourhoods of Ancoats and New Islington.
Investment groups due to participate in the city’s housing strategy include Manchester Life, a joint venture formed last month between Manchester City Council and Abu Dhabi United Group (ADUG), the privately owned investment firm that owns Manchester City Football Club. Manchester Life is due to invest £1bn in local housing over the next 10 years.
It is hoped the joint venture with ADUG through Manchester Life will form a blueprint for future investment models.
Phase One of the Manchester Life initiative will see over 830 homes built in Ancoats and New Islington, with a total of 6,000 new homes planned by Manchester Life over the next 10 years.
The Manchester Life Development Company will oversee construction work, which is expected to begin next year.
