Manchester City owners to plough up to £1bn into new homes scheme
More than 6,000 new homes will be developed in Manchester as part of a £1bn project that will be largely financed by the Abu Dhabi United Group (ADUG), owners of Premier League champions Manchester City.
ADUG has teamed up with Manchester Council to develop the much needed new properties, including a significant portion of affordable homes, in the city over the next 10 years.
Fronted by multi-billionaire Sheikh Mansour bin Zayed Nahyan, the ‘Manchester Life' partnership will start developing the new homes at the start of next year.
Phase one of the scheme is expected see around 830 privately rented homes developed in the New Islington and Ancoats areas of Manchester.
The strategy forms a crucial part of the council's plan to develop tens of thousands of new homes in Manchester by 2027.
Aside from the construction of thousands of new homes, the regeneration project will also see new retail, leisure and commercial developments created.
Richard Leese, leader of Manchester City Council, commented: "The planned transformation of the eastern edge of the city centre is the single biggest residential investment Manchester has seen for a generation.
"Building thousands of quality new homes will be a fundamental part of our growth story and will deliver significant socioeconomic impact. We look forward to working with Abu Dhabi United Group to create a world class exemplar of regeneration."