A consortium comprising global investment firm Graham, fund manager Equitix and facilities manager Derwent FM has been selected as the preferred bidder and delivery partner for the redevelopment of the University of Manchester’s Fallowfield Campus redevelopment.
The contract is valued between £275m and £400m. The university launched its partner search in August 2023.
The university and the Viridis consortium will now work together to further develop its delivery plans with the aim of reaching a financial close by summer 2025.
Outline planning permission for the campus was approved by Manchester City Council in January.
The plans encompass the redevelopment of Owens Park, Oak House and Woolton Hall. On completion, the wider Fallowfield campus will offer around 5,400 beds – an uplift of 950 beds.
The redevelopment will be delivered in multiple phases. Demolition of Owens Park Tower and surrounding buildings, which have been closed for several years, is under way and due to complete early in 2025.
Simon Merrywest, director for the student experience at University of Manchester, said: “These plans show our commitment to providing our new and returning students with modern, high-quality accommodation.
“This much-needed update to one of our most popular student campuses will help us to continue to meet the needs of our student population by delivering well-connected, serviced, modern accommodation in a supportive and inclusive environment.
“As we progress, we will continue to work with our Fallowfield neighbours and local neighbourhood managers so that both our students and the surrounding community can benefit as much as possible from the redevelopment project.”
The University of Manchester is being advised by RLB, CBRE, Student First Group, QMPF and Pinsent Masons. Viridis is being advised by Sheppard Robson, Operis, Osborne Clarke, Howdens and WSP.
Image from University of Manchester
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