A huge £530m plan to create 3,300 rooms for university students in Fallowfield has reached a crucial next stage.
The University of Manchester has partnered with investors and a developer to create thousands of new, green residential spaces for students. The 24 acre campus, on land next to Wilmslow Road and Moseley Road, will be arranged into five neighbourhoods and more than 20 residential blocks.
University bosses hope that the accommodation site will be among the most sustainable in the world’. The project has now reached ‘financial close’, with financial agreements signed off. Planning permission was granted last year.
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It comes after the iconic Owens Tower accommodation block in Fallowfield was torn down last year, with former alumni who lived there including actor Benedict Cumberbatch, comedian Rik Mayall and Radiohead guitarist Ed O’Brien.
Work on the new development is expected to start next year, with the first rooms due to be opened in 2028.
How the development could look
A statement said: “Bringing together expertise across long-term investment, development, construction and student accommodation operations, the partnership has been established to deliver, operate and maintain high-quality, sustainable student accommodation that will enhance the student experience while supporting the University’s long-term strategic objectives.
“The accommodation on the University’s Fallowfield campus will provide 3,300 new, modern rooms and shared social facilities. These include a student bar, bookable social and study spaces, music practice rooms and dedicated wellbeing facilities.”
The university has partnered with Equitix, an investor in student accommodation, contractors GRAHAM, and pensions insurer Rothesay which will provide majority funding for the project.
A map of the proposed 24 acre development(Image: Sheppard Robson)
The statement continued: “The Fallowfield campus redevelopment project will be delivered in phases, with the first 1,000 rooms due to open in 2028. Subsequent phases, including additional accommodation and the central hub facilities, will be completed in 2029, with the remaining rooms becoming available in 2030.
“The financing model has been designed to enable major long-term investment in student accommodation while protecting the University’s ability to continue investing in teaching, research, student support and staff.”
Barra Mac Ruairí, chief property officer at the University of Manchester, said: “We are very pleased that by working in true partnership we looked for innovative solutions to opportunities and the inevitable challenges which working at such scale presents.
“Getting to this milestone was a tremendous endeavour. Our new Fallowfield residences are going to be among the most sustainable in the world and are designed to deliver an outstanding student experience. I’m looking forward to working with our partners as we continue to develop the site.”
Torsten Bell, Minister for Pensions, added: “Britain needs to get back into the business of investing in its own future, and we are supporting the building, investing and innovating that makes that happen.
This significant commitment to sustainable student housing in Manchester shows how institutional investment can achieve that while delivering strong long-term outcomes for savers.”