Law firm Addleshaw Goddard has advised on two of the most significant property deals in the north west in recent months, with a combined value of around £2 billion.
The completion of Bruntwood Sci-Tech's £1.5 billion joint venture with The University of Manchester to create Europe's most ambitious innovation district, ID Manchester, follows on from AG advising Legal & General and Peel L&P on the £425 million sale of a 75% stake in tech and media hub MediaCity in November.
The University and Bruntwood SciTech, a 50:50 joint venture between Bruntwood and Legal & General, recently completed on the legal documents which will see them create an internationally-significant exemplar innovation district at the forefront of global innovation and cement the UK’s position in the science and technology sector. The property provider, the UK’s leading developer dedicated to the growth of the science and technology sector, was revealed as the preferred bidder last summer.
ID Manchester will provide vital specialist infrastructure to power the growth of the knowledge economy with the potential to create more than 10,000 jobs over the next 10-15 years, and will be a place of inclusive innovation, home to the most exciting new ideas and ventures that address some of humanity's greatest challenges and opportunities.
When complete, ID Manchester will be home to a global community and provide more than four million sq ft, including 2.6 million sq ft of new commercial workspace and a £28m investment in the public realm.
The team at AG advising on both transactions was led by corporate Partner Shelley McGivern, who said: "We know that Manchester and the surrounding area has a longstanding reputation for innovation with a global impact, but it requires imagination and vision to take that to the next level and that is exactly what ID Manchester can deliver. All parties involved have shared that vision and worked extremely hard to reach this stage. The scale of the project is breathtaking, placing it at the cutting edge of science and technology as the UK plays its part in tackling global challenges.
“MediaCity has already proven to be a success story as the biggest tech and media site outside of London, home to 8000 residents and workers. That sale, to real estate investment company Landsec, demonstrated the attractiveness of the area for large-scale mixed use projects will a real sense of place and purpose.
"Along with the regeneration of the city, both projects will also create high quality, skilled jobs for the incredible talent we have locally, and also prove an irresistible lure to talent from around the world."