Hong Kong-based developer Far East Consortium (FEC) has been picked as lead developer for a major regeneration scheme in Manchester.
The Northern Gateway regeneration area, which extends over 120 ha from Victoria station in the city centre through the Lower Irk Valley, New Cross and Collyhurst to the north, will provide up to 10,000 new homes over a 10-15 year period.
The Manchester Place joint venture between Manchester City Council and the HCA has led on the procurement process for the project, with a competition launched to find a development partner in spring last year.
An operational company will now be established to oversee development on the project.
Manchester City Council leader Sir Richard Leese said: “This is the latest and arguably the biggest residential opportunity for transformational change in the city that we have yet seen.
“This investment partnership will allow the city core to expand and provide the right mix of high-quality housing in well-planned new areas to support our continued strong economic growth.
“The Northern Gateway area has the potential to be a new type of neighbourhood unlike any other in the city and we are very impressed with the understanding and shared vision that FEC brings to the partnership.”
FEC chairman David Chiu added: “Manchester is famed for its architecture, culture, musical exports and media links along with an impressive heritage of scientific and engineering innovations.
“Manchester City Council market data shows there will be very strong demand for new homes for a great many years to come.
“Manchester is a place where people from all walks of life want to stay and where families thrive.
“We at FEC believe we have all the right credentials to successfully deliver this prominent development.”
FEC is already working on the £200m Angel Meadow project in the city centre (pictured), which will deliver 700 homes as part of the Noma masterplan.
Designs for the project unveiled in March this year include a 41-storey tower, which features winter gardens on every seventh storey, as well as ground-floor retail and leisure units, all of which will link to the existing Angel Meadow Park.
They also feature two further towers of 22 and 17 storeys, as well as a smaller building which ranges between nine and 12 storeys in height.