The £1.5bn ID Manchester project which could create over 10,000 new jobs in the next 10-15 years has edged closer.
The University of Manchester and Bruntwood SciTech have formally signed a joint venture agreement after their partnership was first announced in June 2021.
The university and Bruntwood SciTech, a 50:50 joint venture between Bruntwood and Legal & General, will work together to "enhance, develop and deliver an innovation district that will be at the forefront of global innovation".
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When complete, ID Manchester will provide over 4 million sq ft, including 2.6 million sq ft of new commercial workspace and a £28m investment in the public realm.
The scheme will also feature 1,350 apartments and two hotels.
The area currently includes the 650,000 sq ft grade II-listed Sackville Street Building.
The university was advised by Eversheds Sutherland, CBRE, KPMG and Start Advisory. Law firm Addleshaw Goddard advised Bruntwood SciTech.
In a joint statement Diana Hampson, the university's director of estates and facilities and Chris Oglesby, executive chair of Bruntwood SciTech, said: "ID Manchester will become the most valuable single-site, city centre, mixed-use development outside of London and the most connected location in the North of England.
"We’re delighted to have reached the next milestone in the project and would like to thank Addleshaw Goddard, CBRE, Eversheds Sutherland, KPMG and Start Advisory for their support.
"ID Manchester will be a cornerstone of the city region and the UK’s innovation strategy, driving prosperous economic and inclusive growth and investment, and becoming one of the most exciting projects driving levelling up and R&D translation.
"Over the next few months we’ll be developing the masterplan for the site and look forward to sharing it in due course."
Gwyn Llewelyn, partner at KPMG UK, added: "We are delighted to have advised the University of Manchester on their partnership with Bruntwood SciTech.
"Manchester is one of the most innovative cities in the world and schemes such as ID Manchester are important for attracting further growth, knowledge and development in the city."
