A building can be seen at the University of Manchester in May 2016.
11:44 JST, October 17, 2024
MANCHESTER (Reuters) – The city of Manchester opened the first phase of a £1.7 billion ($2.3 billion) hub for science and technology companies on September 27, part of a major project driven by university and private investors sector.
The ‘Sister’ innovation district on the former North Campus in the University of Manchester city center envisages 186,000 square meters of commercial space and 1,500 new homes, and aims to increase the city’s status as a science and technology centre.
University towns like Oxford, Cambridge and Manchester have created an environment where investors can partner with start-up companies, a trend that Britain’s new Labor government wants to continue to attract more private investment to help improve 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 company Bruntwood, Legal and General and the Greater Manchester Pension Fund, and will have a total investment value of £1 upon completion .7 billion.
The first tenant, climate technology investment company Sustainable Ventures, will move into the Renold Building at the site in November.
“This is an important moment for Manchester,” said Bev Craig, Leader of Manchester City Council.
Sister is part of the government-funded Greater Manchester Investment Zone, which is using £160 million of public money to attract businesses to the city over the next decade.
Sister said it will soon announce plans for its first major development zone.
