The University of Manchester’s board of governors has approved a proposal to seek a corporate partner to develop the former UMIST Campus site in Manchester city centre into a world-class innovation district over the next 20 years.

Working with its to-be-selected partner, the university said it expects that the mixed-use site will attract research, development, cultural and technology companies, as well as accommodating new residential space. The area and buildings for development are around Sackville Street and adjacent to Piccadilly rail and metrolink stations, next to the gay village and to large swathes of 1990s residential development, as well as new developments like Urban & Civic's New Manchester Square.

The plan is to develop the 29-acre site into an exciting research and business campus from 2021.

Science and tech property has been tipped as one of Manchester's fastest growing sectors.

The university will retain significant strategic and decision-making influence within the partnership. It will retain the south end of the site where it has significant research activity, including the newly built Graphene Engineering Innovation Centre and the Manchester Institute of Biotechnology, and it will continue to hold the freehold for the whole site.

The university has been discussing its plans with Manchester City Council and the Greater Manchester Combined Authority.