Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2022 Event Calendar
    • APAC Residential Forum 2022
    • Asia Logistics Forum 2022
    • Asian Capital in Australia Forum 2022
    • Asia REIT Forum 2022
    • APAC Data Centre Forum 2022
    • Singapore Focus Forum 2022
    • Office Strategies Forum 2022
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Far East Consortium Site Buy Pushes Manchester Acquisitions Over £30M

2019/07/23 by James Hatton Leave a Comment

David Chiu FEC

Far East Consortium chairman David Chiu seems enthusiastic about opportunities in the northern powerhouse

Far East Consortium has acquired a 20 acre (81,000 square metre) residential plot in central Manchester that brings the developer’s land investment in the city to more than £30 million ($37.3 million) since 2017 and boosts its development pipeline to 3,800 homes, according to an announcement.

The Hong Kong-listed developer, which has HK$57 billion assets under management globally and is a partner on Manchester City Council’s Northern Gateway regeneration scheme, purchased the land for an undisclosed sum from the UK’s government-funded railway operator Network Rail.

The acquisition comes at a time when forecasts predict that Greater Manchester, which leads all regional creative and tech business clusters in the UK with £3.1 billion in annual turnover, is expected to grow at a rate of 14 percent over the next five years, well ahead of the UK average of 11 percent, according to Savills.

Helmed by second-generation tycoon David Chiu, Far East Consortium has now completed four off-market land transactions since signing a partnership agreement with Manchester City Council in April 2017 for the Northern Gateway development, which is set to deliver 15,000 new homes to the UK’s second-largest city over the next 15 to 20 years.

1,000 New Homes in the Northern Gateway

“We are delighted to have secured this large land plot which is crucial to the overall implementation of the Northern Gateway masterplan,” said Chris Hoong, managing director of Far East Consortium. “We have a strong belief in the population growth of Manchester and are encouraged by the demand of quality housing in the city which Far East Consortium will be delivering.”

Far East Consortium expects to build over 1,000 new homes on this most recent site, including the first elements of a development that will link Angel Meadow, once known as the UK’s most savage slum, to the north of Manchester.

Located northeast of Manchester’s Victoria railway station, FEC’s 20-acre site includes the former railway sidings and viaduct of the transport hub, which the developer plans to retain in the housing development.

The plot also features 17 arches and warehouse units, some of which are already tenanted by startup businesses.

Far East Consortium’s UK regional general manager, Gavin Taylor, said that the developer will encourage existing tenants to remain in the converted railway arches, while proposals for new housing and an elevated New York-style High Line park on the viaduct will be brought forward at a later date.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Outbound Investment Tagged With: daily-sp, Far East Consortium, Manchester, UK

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

Multi-Family Investment in Japan Thumbnail

Japan’s Multi-Family Market Still Has Room to Run After Banner Year: MTD TV

mtd tv debt panel

Developer Crisis Creates Opportunities For Credit Investors: MTD TV

More MTD TV Videos

Latest Stories

laurent-jacquemin axa

AXA IM Buys Pair of Tokyo Rental Residential Assets for $54M

sherman kwek CDL

CDL Sees Q1 Sales Fall 41% as Singapore Housing Curbs Bite

245 Park Avenue manhattan new york

HNA Ordered to Pay $185M to Partner in Bankrupt Park Avenue Skyscraper

Sponsored Features

anny zhang jll

Shanghai Life Science Leasing Doubles as Report Shows Future Growth Sponsored Feature

Rosanna Tang Colliers

Office Upgrades Jump After Omicron Slowed Hong Kong Market in Q1 Sponsored Feature

Bernie Devine

Is Your Building a Device? Sponsored Feature

More Sponsored Features>>

MTD-QR-Code-320

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2022 China Advertising Media Ltd (Samoa). All rights reserved.