Far East Consortium International has been chosen to partner Manchester City Council in delivering a 10,000-home regeneration project in the city.
As revealed by EG earlier this month, the Hong Kong-listed developer and investor will work with the council to deliver the Northern Gateway – an opportunity to unlock 300 acres of land that sweeps north from Victoria Station taking in the neighbourhoods of New Cross, the Lower Irk Valley and Collyhurst.
Based on an average house price of £200,000, the project would have a gross development value of £2bn. The average two-bedroom flat in the city centre now fetches £230,000, with one-bedroom flats going for £150,000, according to JLL.
The Northern Gateway will be FEC’s second Manchester project. It is due to submit detailed plans shortly to build 754 new homes around the historic Angel Meadow Park on the edge of the Northern Gateway site.
The selection follows a procurement process led by Manchester Place, a Manchester City Council and Homes and Communities Agency initiative to increase housebuilding in the city.
David Chiu, chairman of FEC, said: “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.”
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.”
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