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The 20-acre plot that unlocks the £1B Northern Gateway development in Manchester has now been acquired by Far East Consortium International.
The acquisition from Network Rail allows Hong Kong-based FEC to progress to stage one of the Northern Gateway, one of the largest residential-led schemes in the UK, delivering 15,000 homes over the next 20 years in partnership with Manchester City Council.
Located north east of the Victoria rail and Metrolink station, the 20 acres feature former railway sidings and the former Red Bank viaduct connection into Victoria, including 17 commercial arches and warehouse units.
The land just acquired will be used to provide more than 1,000 homes including the first elements of a river city park at St Catherine’s Wood, ultimately linking Angel Meadow to the north of Manchester.
The Network Rail deal follows the approval by the city council of the Strategic Regeneration Framework for the Northern Gateway in February 2019 and represents FEC’s fourth off-market land transaction in and around the Red Bank area.
“This is a significant acquisition for the Northern Gateway," FEC Project Director Tom Fenton said. "It enables FEC to deliver the next key phase of this major new residential destination and the beginning of the transformation [of] this forgotten part of the city into a successful, fully functioning place."
“We will work towards retaining and enhancing the Red Bank viaduct, encouraging the independent and entrepreneurial tenants to remain in the arches and to flourish as the area evolves.”
As part of the transition into project delivery, Hilary Brett has been promoted to project director at FEC with specific responsibilities for the delivery of the first phase of Northern Gateway.
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