ID Gets Into Serious Dialogue With JV Partners
So now the real talking begins.
After a summer of speed dating with developer consortia interested in the £1.5B ID Manchester office and residential development, the site's promoter has now decided who it fancies.
Or rather, it has decided who it does not fancy. A very long long-list of expressions of interest has been reduced to six high-scoring candidates who will "move on to the dialogue stage of the procurement process," the University said in a statement. As part of this next stage, further submissions will be made to the University in February ahead of a final decision this time next year.
A joint venture is likely.
The University will contribute by providing long leasehold transfers on a plot-by-plot basis, with the partner providing the money and know-how. The University said it would hold a “no less than 35%” equity stake in any joint venture, PlaceNorthWest reported in September.
Early speculation had focused on large-scale Chinese investors, as PlaceNorthWest reported. The conversation has since moved on.
ID Manchester, to be developed on the old UMIST campus close to Piccadilly station and the gay village, will be a new neighbourhood of 4M SF including 2.6M SF of workspace and 3 acres of parks.
ID Manchester is one of the last major development sites in the city, and will form the northern bookend to the city's £3.6B GVA Oxford Road science corridor.
