Govt welcomes Manchester housing investment
The government has welcomed the first phase of a new initiative that could result in thousands more homes for Manchester.A joint venture between Manchester City Council and Abu Dhabi United Group, the owner of Manchester City Football Club, is to kick off the beginning of a scheme that will see £1 billion invested in a new housebuilding project called 'Manchester Life'.Over 830 new homes are set to be constructed during the first development period in Ancoats and New Islington, and it is hoped this will lead to the construction of 6,000 new residential properties.The initiative is set to build on regeneration work that has been carried out by the city council and local partners over the past 15 years.Ancoats and New Islington have already benefited from significant investment, leading to the completion of the Metrolink extension, new healthcare facilities, a free primary school set to open in New Islington in September 2015 and the remodelling of Central Retail Park on Great Ancoats Street.Chancellor George Osborne commented: "This investment is great news for Manchester. It will lead to thousands of new jobs and homes and will help secure the economic recovery across the city and beyond."It shows global investors want to come to all parts of Britain and is a sign of the potential that exists to create a Northern powerhouse to take on the rest of world."All of the land which is required for Phase One of Manchester Life has been assembled and construction work is scheduled to begin next year.Significant employment opportunities and demand for retail, leisure and commercial developments are expected to be created as a result of the housing investment.The project will help the city to realise its Residential Growth Strategy to build tens of thousands of new homes by 2027.Sir Richard Leese, leader of Manchester City Council, said the new project would build on previous regeneration work that began during the 1990s and continued for the 2002 Commonwealth Games.
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