Manchester opens a $2.3 billion scientific and technological innovation zone

The northern English city of Manchester opened the first phase of a £1.7 billion ($2.3 billion) hub for science and technology companies on Friday, part of a large-scale project led by university and private sector investors.

The sister innovation precinct at the University of Manchester's former North Campus will provide 186,000 square meters of commercial space and 1,500 new homes, and aims to strengthen the city's position as a science and technology hub.

University cities like Oxford, Cambridge and Manchester have created an environment where investors are available to partner with start-ups – a trend that Britain's new Labor government wants to continue in order to attract more private investment that would help improve public services and contribute to infrastructure. For the country.

The 15-year sister project is a joint venture between the University of Manchester, Bruntwood SciTech, a development company owned by property company Bruntwood, Legal and General and the Greater Manchester Pension Fund, and will have a total value of £100 when completed. It owns 1.7 billion pounds.

The first tenant, climate technology investment firm Sustainable Enterprises, will move into the Reynolds Building on the site in November.

Bev Craig, leader of Manchester City Council, said: “This is an important moment for Manchester.”

Sister is part of the government-funded Greater Manchester Investment Park, which is using £160m of public money to attract businesses to the city over the next decade.

The sister company said it would soon announce plans to establish its first major development area.