Far East Consortium International Limited has acquired 20 acres of land from Network Rail in central Manchester to progress its delivery of the Northern Gateway, one of the largest residential schemes in the UK
The Northern Gateway acquisition will deliver over 1,000 new homes including the first elements of the River City Park at St Catherine’s Wood, which will link from Angel Meadow out to the North of Manchester.
Located north-east of Victoria rail and Metrolink station, the 20-acre site acquired features the former railway sidings and the former Redbank viaduct connection into Victoria, including 17 arches of land and warehouse units which are home to several up and coming, entrepreneurial businesses.
The acquisition follows the adoption by Manchester City Council of the Strategic Regeneration Framework in February 2019 and represents FEC’s fourth off-market land transaction in and around the Redbank area of the Northern Gateway, after completing the acquisition of the Addington Street site in March 2019.
The acquisition takes FEC’s land investment in Manchester to more than £30m.
Chris Hoong, managing director of FEC, said: “We are delighted to have secured this large land plot which is crucial to the overall implementation of the Northern Gateway masterplan. We have a strong belief on the population growth of Manchester and are encouraged by the demand of quality housing in the city which FEC will be delivering.
“FEC will continue to adopt the regionalisation strategy to bring long-term value to our shareholders, and to do that, we will continue our investment in cities like Manchester.”
Gavin Taylor, regional general manager of FEC, added: “ The acquisition enables FEC to deliver the next key phase of this major new residential destination and the beginning of the transformation of this part of the city into a proper functioning place where people want to live, relax and thrive.
“We will be working towards retaining and enhancing the Redbank viaduct, encouraging the independent and entrepreneurial tenants to remain in the arches and to flourish as the area evolves.
“Proposals for new housing and an elevated New York-style High Line park on the viaduct will be brought forward after discussion with partners over a period of consultation.”