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Alex
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http://www.manchestereveningnews.co.uk/business/manchester-city-etihad-stadium-adug-7313788

City owner and council to build 6,000 new homes in £1bn deal

More than 6,000 new homes are to set to be built in once rundown parts of Manchester thanks to a £1bn deal with City’s Middle East owners.

Manchester council today announced the 10-year agreement with the Abu Dhabi United Group, with the two parties forming a partnership dubbed ‘Manchester Life.’

The first phase will see more than 830 privately rented homes built in the Ancoats and New Islington areas of east Manchester, near to City’s Etihad Stadium.

Work is set to start on that stage of the masterplan next year.

Manchester council leader Sir Richard Leese said: “Today’s announcement adds another commercial dimension to the already significant investment made by Manchester council and ADUG in east Manchester, and in doing so progresses the regeneration story which began in the 1990’s and was accelerated by the 2002 Commonwealth Games and ADUG’s recent development of the Etihad Campus.

“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.”

ADUG and Manchester council will form the Manchester Life Development Company to oversee the 10-year project, which will see up to £1bn ploughed into the building of new homes on the ‘eastern fringe’ of the city.

The partners said there was scope for other investors to get involved further down the line.

It is hoped the phase one will also create demand for retail, leisure and commercial developments that will create thousands of jobs for locals.

The selection of Ancoats and New Islington for phase one builds on previous developments like the creation of of new healthcare sites, a free primary school due to open in New Islington in September 2015 and the transformation of Central Retail Park, on Great Ancoats Street.

ADUG board director Marty Edelman said: “ADUG, through Manchester City Football Club, has come to know Manchester City Council’s vision for regeneration and its ability to deliver major initiatives effectively.

“Given Abu Dhabi United Group’s existing long term commitment to Manchester and the Council’s economic growth plan, it was a logical decision to look at ways to create a commercial partnership with the city to deliver its wider residential strategy. We are effectively investing in the opportunities and positive circumstances created by our joint investments to date.

“We are extremely proud of the resulting Manchester Life joint initiative that will complete the transformation of the Ancoats and New Islington areas.”
 

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10th February 2008
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From Manchester City Councils website.

Major new partnership will deliver thousands of Manchester homes

Tuesday, 24 June 2014

Manchester City Council and Abu Dhabi United Group to redevelop and provide new housing in East Manchester's Ancoats and New Islington.


Partnership confirms Phase One of the "Manchester Life" initiative and delivers over 830 new homes.

On Tuesday 24 June Manchester City Council and Abu Dhabi United Group, the privately owned investment company which also owns Manchester City Football Club, announced a major new partnership to accelerate the transformation of two emerging East Manchester neighbourhoods.

The partnership will see, as Phase One of the programme, the provision of more than 830 homes in Ancoats and New Islington, bringing significant impetus to both areas and helping to complete their redevelopment. The agreement forms the first phase and foundation of the Manchester Life initiative and builds on the regeneration activity that has been led by Manchester City Council in collaboration with a range of partners over the last 15 years.

The predominantly privately rented homes will strengthen Manchester’s economic growth trajectory by providing much needed residential units, helping the city achieve its Residential Growth Strategy to build tens of thousands of new homes by 2027.

The multi phased Manchester Life initiative, foresees investment of up to £1 billion over the next 10 years, with provision for further multiple investors. It will expand the residential market on the eastern fringe of the city, providing a platform for the delivery of more than 6,000 new homes.

The prioritisation of Ancoats and New Islington for Phase One of the Manchester Life Initiative, builds on the significant investment in these areas to date including the completion of the Metrolink extension, the advent of new healthcare facilities, a free primary school due to open in New Islington in September 2015 and the remodelling of Central Retail Park on Great Ancoats Street.

These services together with the high quality, environmentally sustainable homes that are planned as part of the scheme, will enable the area to quickly become an established and desirable neighbourhood for those living and working in Manchester.

Manchester Life Development Company, a joint venture between the two partners will be established to oversee the development. Following the completion and approval of Phase One development plans, construction work is expected to begin next year. All of the land which is required for Phase One of Manchester Life has been assembled, allowing immediate progress.

The economic impact of Phase One is expected to create significant employment opportunities and demand for retail, leisure and commercial developments.

Sir Richard Leese, leader of Manchester City Council, said: "Today’s announcement adds another commercial dimension to the already significant investment made by Manchester City Council and ADUG in East Manchester, and in doing so progresses the regeneration story which began in the 1990's and was accelerated by the 2002 Commonwealth Games and ADUG’s recent development of the Etihad Campus.

"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."

Speaking on behalf of the Abu Dhabi United Group, Board Director, Marty Edelman said, "ADUG, through Manchester City Football Club, has come to know Manchester City Council’s vision for regeneration and its ability to deliver major initiatives effectively. Given Abu Dhabi United Group's existing long term commitment to Manchester and the Council’s economic growth plan, it was a logical decision to look at ways to create a commercial partnership with the city to deliver its wider residential strategy. We are effectively investing in the opportunities and positive circumstances created by our joint investments to date. We are extremely proud of the resulting Manchester Life joint initiative that will complete the transformation of the Ancoats and New Islington areas".
 

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10th February 2008
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Manchester Confidential.

£1bn City Housing Investment: UK Scale Game Changer

Jill Burdett on a huge joint venture between MCR and Abu Dhabi United Group

Published this morning at 5:57 AM.

£1bn City Housing Investment: UK Scale Game Changer

MANCHESTER City Council and Abu Dhabi United Group, the owners of Manchester City, have formed a joint venture partnership that will transform the housing offer in the city.

Up to £1billion of investment is available over the next decade to build 6,000 new homes for private rent in a sweep from Great Ancoats Street out to the Etihad Stadium.

If Manchester gets it right in terms of design, space, management and community it could set the standard for the rest of the country in terms of rental property.

It’s a massive coup. A game changer on a national scale.

If Manchester gets it right in terms of design, space, management and community it could set the standard for the rest of the country in terms of rental property.

There is also the provision for other multiple investors to be involved.

The deal has been a long time in the offing with whispers of large scale Middle Eastern funds first emerging at the end of last year. That it’s only being announced six months later shows the complexity and hard work needed to make it happen.

Chief executive Sir Howard Bernstein has played a major role. As one insider said: “He’s not just swum the Channel to bring this one off – he’s swum the bloody Atlantic.”

While people may feel he can be out of touch with some city issues, as readers have pointed out on these pages, Bernstein certainly has flair in pulling off these macro-investment deals.

The Town Hall is understandably chuffed.

Sir Richard Leese said: “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 socio-economic impact. We look forward to working with Abu Dhabi United Group to create a world class exemplar of regeneration."

Ashton Old Road - New HousingAshton Old Road - recent housing

So what will it mean?

The partnership will be called Manchester Life and development will happen in phases with the first phase of 830 homes being built across six sites in Ancoats and New Islington.

Working out from the city centre into areas which have already had significant public and private investment makes sense, not least because the city now owns the sites in question.

Initial designs are already being drafted and construction could start as early as next year if plans are completed and approved with a newly formed Manchester Life Development Company overseeing the build. Such large scale development is likely to be the catalyst giving new businesses the confidence to open in these areas.

The vast majority of the new homes will be for private rent, aimed at the growing legions of 25-39 year-olds unable to get onto the housing ladder but wanting not just a decent place to live but a great place to live in a new city neighbourhood. Manchester is predicted to create 50,000 new jobs by 2023 and the people that fill them will need accommodating.

There will also be the creation of another company Manchester Place.

This is a partnership between the City Council and the Homes and Communities Agency which will work to put sites together for future phases of Manchester Life.

The aim is to develop areas strategically, shaping places and creating neighbourhoods for long term success rather than allowing small pockets of development.

The last boom and bust showed how isolated one gilded tower can look when there is still wasteland all around.

As well as new standards of design and efficiency Manchester Life is aiming for new levels of management of the completed developments with the sheer numbers involved allowing efficiencies of scale.

They are also pledging to employ local people and develop apprenticeships.

Its early days, massive numbers and giddy talk and the real test will be in the design and delivery of Phase 1 and whether it does re-define the UK rental model and create communities where people aspire to live long term. There’s a whole debate to be had there on what this investment should look and feel like.

That it can be talked about at all is down to Man City owner Sheikh Mansour’s commitment to Manchester and investing in the wider community.

Marty Edelman, board director of the Abu Dhabi United Group.

He said: “Given Abu Dhabi United Group's existing long term commitment to Manchester and the Council’s economic growth plan, it was a logical decision to look at ways to create a commercial partnership with the city to deliver its wider residential strategy. We are effectively investing in the opportunities and positive circumstances created by our joint investments to date. We are extremely proud of the resulting Manchester Life joint initiative that will complete the transformation of the Ancoats and New Islington areas."

The Chancellor of the Exchequer, George Osborne, said:

”This investment is great news for Manchester. It will lead to thousands of new jobs and homes and will help secure the economic recovery across the city and beyond.

“It is a vote of confidence in northern England and our long term economic plan. It shows global investors want to come to all parts of Britain and is a sign of the potential that exists to create a Northern powerhouse to take on the rest of world.”

Commercial Secretary to the Treasury, Lord Deighton said:

“This partnership is not only fantastic news for the city of Manchester, but can serve as a model for how successful private investment in housing follows when local government creates the right conditions. I would like to congratulate both Manchester City Council and Abu Dhabi United Group for another world leading collaboration following the work they have already undertaken together in East Manchester and look forward to Manchester Life breaking ground next year.”
 

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10th February 2008
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Going back to the aerial video recently posted, that gives you a birds eye view of the area.


An aerial snapshot of the land in question? From Piccadilly Station to the new training academy.

 

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10th February 2008
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Again, £1bn for 6,000 homes, anyone got a calculator?
Read the small print, Roly.

The multi phased Manchester Life initiative, foresees investment of up to £1 billion over the next 10 years, with provision for further multiple investors. It will expand the residential market on the eastern fringe of the city, providing a platform for the delivery of more than 6,000 new homes.
Now I haven't got a flying fig how much it costs to build the average house or apartment(block), so let's use the Johnny Ball equation. 'Think of a number'.

6000 x 50,000 = £300,000,000
6000 x 75,000 = £450,000,000

Then throw in the cost of the land, infrastructure costs, utilities costs, construction costs, and a whole host of other costs associated with such a project, as well as..........

The economic impact of Phase One is expected to create significant employment opportunities and demand for retail, leisure and commercial developments.
and you probably won't see much change from a £1bill.

But if it does fall short of that figure, who gives a flying f*** anyway, apart from the odd deluded and bitter red?(cough!)

The fact that ADUG/Sheikh Mansour in partnership with MCC is prepared to invest such figures in one of the poorest areas of Manchester, should be welcomed.

Compare and contrast that to other property developers who are sitting on land and ghost car parks throughout the city centre and beyond, with little or no appetite or capital to start their projects. And a Government that is only just starting to invest in large scale infrastructure projects, with the general election around the corner.

Let's be honest, Manchester is very, very, lucky, that Sheikh Mansour bought into City, and in the process, also bought into (East) Manchester.
 

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Can any blues fans tell me how you cope with the ethical dilemma of what supposedly goes on in the UAE - workers conditions, human trafficking, human rights - ?

I honestly don't mean this as a snipe at City or to be a bonfire-pisser, it's just that I want to be fully excited about this investment in our city, and the right-on liberal at the back of my mind won't let me be comfortable.
 

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10th February 2008
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Can any blues fans tell me how you cope with the ethical dilemma of what supposedly goes on in the UAE - workers conditions, human trafficking, human rights - ?

I honestly don't mean this as a snipe at City or to be a bonfire-pisser, it's just that I want to be fully excited about this investment in our city, and the right-on liberal at the back of my mind won't let me be comfortable.
Call me cruel and insensitive, but it doesn't effect me. That might sound harsh, but that's the way it is.

Does dealing with Russia, China, Saudi, America, India, Brazil, and a host of other countries with human rights records effect us all on a daily basis?

Look at what you buy. Look at what you wear. Look at what you use. Look at what you eat. Look where it's from. The next time you fill up your car, don't. That oil could be from the Middle East. Walk, run, or cycle instead.

Ever heard of child slave labour? You're probably using it or wearing it.

Long after we're all gone the same human rights abuses will be happening. It's been going on since the inception of mankind.

It will only end when the Sun swallows the Earth in a few billion years time. You, just like me, will be dust by then.

Thankfully I'm not a ruler or politician. I'm an honest bean stacker. I can live with myself and my thoughts. And that includes going to watch City play football.
 

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10th February 2008
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MEN update on the story.

Local reaction.

Click on the link for some interesting Gallery pictures of the area.

It's a winner! City's £1bn plan to build 6,000 homes gets the thumbs up from residents

Jun 24, 2014 18:16
By Emily Heward


The first stage of football club-funded project will see 830 homes built in Ancoats and New Islington areas of inner-city Manchester

Ancoats and New Islington are among the areas to be developed

Plans to breathe new life into a once rundown part of inner-city Manchester have been broadly welcomed in the area.

More than 830 new homes are set to be built in Ancoats and New Islington in the first phase of a £1bn regeneration scheme funded by the owners of Manchester City.

Work to transform the city centre fringes began before the recession but stalled as the economic downturn hit.

Now, it is hoped the investment - part of a 10-year deal to build 6,000 homes in east Manchester - will revive efforts to make the area attractive to young professionals.

Matt Check, who lives in the Milliners Wharf apartments in New Islington, said he thought the area had great potential.

The 32-year-old analyst said: “I like it here. It’s got a nice mix of people and it’s really close to the city so it makes commuting easy.

"From what I've seen of the plans it looks quite interesting compared to the industrial history of the neighbourhood.”

Libby McLeod, 28, from Audenshaw, also welcomed the investment.

She said: “I think it will definitely be good for the area. It used to be a bit of a no-go place, but since the regeneration work started and these apartments started to be built it has a much better reputation.”

Mum Libby used to live in the city centre, but said the redevelopment would not tempt her back.

She said: “If there were more parks and things for children, maybe, but at the moment, no.

“It’s perfect for young professionals though.”

Her friend Julie Flynn, 34, also from Audenshaw, said she was glad to see City investing in the communities around the Etihad.

She said: “I’m a mad Blue so I think what they are doing with the area is great.”

But not everyone was so keen on the plans.

Irene Johnson, 71, said she hoped the new homes would be more like the houses built along Ashton Old Road in Beswick than the apartments that have sprung up around her retirement village.

She said: “I don’t like apartments at all. I think they’re too high-density and people are living too close together.

“Some are an eyesore already. They were all brightly painted white when they were built, but they just look old and scruffy to me now.”

She added: “I like the housing along Ashton Old Road. I didn’t at first, so you do change your opinion as time goes on.”

http://www.manchestereveningnews.co.../city-regeneration-plans-welcomed-new-7319549
 

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To be clear, while the framework strategy is £1bn and 6,000 homes, Abu Dhabi are funding the construction of just over 800 which will be rented rather than sold with the returns ploughed into more, if other investors come along the total may rise. That puts their share of investment at around £133m (probably less with public sector funding and MCC contributions) though they will be taking a return on their investment as well.
 

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10th February 2008
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To be clear, while the framework strategy is £1bn and 6,000 homes, Abu Dhabi are funding the construction of just over 800 which will be rented rather than sold with the returns ploughed into more, if other investors come along the total may rise. That puts their share of investment at around £133m (probably less with public sector funding and MCC contributions) though they will be taking a return on their investment as well.
To be clear that's the 1st phase. There's nothing in that article that say's their investment ends at the 1st phase.
 

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Hope(if possible) they'll be able to retain/restore the remaining canalside mills.
 
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