Manchester Opens Doors to $2.3 Billion Sci-tech Innovation District

Reuters

11:44 JST, October 17, 2024

MANCHESTER (Reuters) — The city of Manchester on Sept. 27 opened the first phase of a £1.7 billion ($2.3 billion) hub for science and technology companies, part of a large-scale project driven by university and private sector investors.

The ‘Sister’ innovation district on the University of Manchester’s former city center North Campus envisages 186,000 square meters of commercial space and 1,500 new homes, and aims to boost the city’s status as a science and technology center.

University cities like Oxford, Cambridge and Manchester have been creating environments where investors can be on hand to partner with startup companies, a trend Britain’s new Labour government wants to continue to attract more private investment to help upgrade the country’s public services and infrastructure.

The 15-year Sister project is a joint venture between the University of Manchester and Bruntwood SciTech, a development company owned by property firm Bruntwood, Legal and General and the Greater Manchester Pension Fund, and will see a total investment value on completion of £1.7 billion.

The first tenant, climate tech investment company Sustainable Ventures, moves into the site’s Renold Building this November.

“This is a significant moment for Manchester,” said Bev Craig, leader of Manchester City Council.

Sister forms part of the government-funded Greater Manchester Investment Zone, which is using £160 million of public money to help attract businesses to the city over the next decade.

Sister said it will announce plans for its first major development zone soon.