Month: April 2017

Northern Gateway Investment Partner Announced

28/04/2017

Work to unlock the vast potential of 300 acres of land, collectively known as the Northern Gateway, can begin with the announcement of a pioneering new partnership.

Far East Consortium International Ltd (FEC) has been selected to work with Manchester City Council to deliver the most ambitious housing led regeneration project ever undertaken in the city.

The selection of FEC is expected to generate more than £1bn of investment over the next decade and unlock the residential potential of a key gateway area that sweeps north from Victoria Station taking in the neighbourhoods of New Cross, the Lower Irk Valley and Collyhurst.

The vision is to create a series of distinct yet clearly connected communities making the most of the area’s natural resources including the River Irk and its location close to the city centre.

The partnership will deliver up to 10,000 new homes over the next decade with an emphasis on design quality and sustainability, open space and green walking and cycling routes.

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 bring to the partnership.”

Mr. Chris Hoong, Managing Director of FEC, said: “The Northern Gateway is an exciting project for FEC and it is indeed a great honour to share our expertise, experience and determination with Manchester City Council. Our Manchester team on the ground will work with local advisors and contractors to deliver a fully supported Northern Gateway to help bring about a new international experience to this marvellous city.”

Mr. David Chiu, Chairman of FEC, 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.”

The announcement of the Northern Gateway partner follows a comprehensive market bidding process and detailed evaluation over the last eight months.

The Northern Gateway was identified three years ago by Manchester Place as a key area for residential growth at scale and we will continue to provide help and support as the transformational plans develop.

Manchester Place Chief Executive Paul Beardmore said: “The provision of world class housing that people can afford to rent or buy is fundamental to the continued growth of Manchester.

“We have seen a huge increase in residential construction in the last two years but we have to ensure this pipeline continues and that we create neighbourhoods where people from all walks of life want to stay and where families thrive.

“Today’s announcement is a landmark and cements the city’s success in attracting international investment at scale and again shows how our unique partnership approach is delivering real results and providing the new housing we need.

Hong Kong based FEC has already shown its commitment to Manchester, with detailed plans to build 754 new homes around the historic Angel Meadow Park expected to be submitted shortly.

 

 

 

 

 

Starts on site top 7,000

26/04/2017

Latest data from Manchester City Council’s research team show there are more than 7,000 new homes currently under construction across the city.

The vast majority of those, 4,954 are on 28 different sites within the city centre.

This rise in the construction pipeline follows eight years of stagnation that has led to an undersupply of homes and an increase in rents as demand surpassed supply.

Manchester Place chief executive Paul Beardmore, said: “Pent up demand has taken the city centre void rate to an unprecedented 0.4% and for the first time in memory we have seen occupation rates rising – suggesting a significant rise in sharers.”

The city centre population is expected to increase on average by 5.5% a year growing from a current 54,000 to 80,000 by 2024 – another 26,000 people in just seven years.

The pro-active measures have seen in increase in the delivery of new homes in the city centre with the number of completions tripling since 2015.

2015/16 – 524 units – 11 sites

2016/17 – 554 units – 6 sites

2017/18* – 1,788 units – 17 sites

2018/19* – 3,762 units – 36 sites

*forecast city centre residential completions

Paul added: “Our known and forecast population growth explains why we are so confident about demand – especially at the higher value end of the rental market where we are seeing a consistent undersupply.

“An undersupply too in the owner-occupier market where we are seeing unprecedented demand.

“Building a quality product for sale and rent will unlock demand and crucially retain residents who at the moment are often forced to leave the city to find the right accommodation.

“Interestingly we forsee the lower, entry level apartment market to be fully absorbed by 2020.”

 

 

MP Population increase

 

 

 

 

 

MP Housing demand and supply