The University of Manchester has announced the competitive tender process has begun to find its development and investment partner to deliver the new world-class innovation district ID Manchester, which has an estimated gross development value of £1.5bn.

Nancy Rothwell, president and vice-chancellor of The University of Manchester, said: ”ID Manchester will create a new, world-class innovation district situated in the heart of Manchester and alongside the University, where we will nurture the next generation of game-changing businesses and bring huge economic benefits to our city region and beyond.”

Together with the right partner, the University says it will leverage the global reach of its commercial partnerships and research institutions, while matching it with the significant and connected innovation ecosystems already formed around the Oxford Road Corridor.

The future ID Manchester has been described as a trailblazing neighbourhood that will be an engine for economic growth with the potential to create over 6,000 new jobs.

The University has a strong track record in developing long-lasting, commercial relationships with leading global organisations such as Rolls Royce, the BBC, Siemens UK, Colgate Palmolive, Unilever and GlaxoSmithKline (GSK).

Since it was presented at the international property exhibition MIPIM early this year, as part of its pre-market engagement, the University has increased the available development space for ID Manchester to 4 million square feet (370,000 square metres), and updated indicative development plans include 2.6 million square feet (240,000 square metres) of new work space, and three acres (1.2 hectares) of high-quality public realm.

Diana Hampson, director of estates at the University of Manchester said: “Our vision for ID Manchester was warmly received at MIPIM and since then we’ve hosted several open days, attended by around 120 people representing developers and investors. We have taken time to refine our proposition to enable interested partners to really understand the extent and scale of our ambition.

“ID Manchester will be a unique new neighbourhood. Our vision draws on Manchester’s eco-system of ideas, discovery, research and development, and ID Manchester will provide the canvas on which all those strands can come together to take urban regeneration to a whole new level. ID Manchester will be where our most valuable discoveries today, are tried, tested and developed into the technology, buildings and commerce of tomorrow.”

The site benefits from existing green space and the unique feature of the 650,000 square feet (60,000 square metres) Grade II listed Sackville Street Building, which offers a fantastic opportunity for re-purposing. The University occupies the recently opened £60m Masdar Building, home to the Graphene Engineering Innovation Centre, and the Manchester Institute of Biotechnology at the south end of the site and is looking for a partner to develop the remaining c.18 acres (7.3 hectares) of the site.

ID Manchester is adjacent to Manchester’s main public transport hub, Piccadilly Railway Station and is a 20-minute train journey to the international airport.

The formal tender notice was published on September 12 in the Official Journal of the European Union (OJEU), and prospective joint venture partners from all over the world are invited to participate in a two-stage competitive dialogue process. It is envisaged that the process will take around 12 months, with a partner announcement being made in autumn 2020.