The University of Manchester plans to seek an investment and development partner for its £1.5 billion ID Manchester scheme, which will sit on the university's north campus in Manchester, U.K., Manchester Evening News reported, citing Nancy Rothwell, professor, president and vice chancellor of the school.
The plan for the regeneration project features mixed-use space, along with public realm that will occupy three acres of the site, with any revision to the existing framework subject to approval from the Manchester Council.
The whole scheme will sit on 26 acres and will be developed in phases over a period of 10 years to 15 years, according to the March 12 report. The redevelopment of the existing 650,000-square-foot grade II Listed Sackville Street Building could also be part of the regeneration project, while a CBRE director was cited in the report as saying that the future of the other existing buildings on the site will depend on the winning development partner.
The university plans to start the search process in the summer and hopes that a partner will be named by mid-2020, the report added. The process will also be an avenue to find an investor or fund provider as the university is open to hold talks with a fund or an investor group.