Far East Consortium acquires 20 acres to progress residential scheme in U.K.
Far East Consortium has acquired 20 acres of land from Network Rail in central Manchester, England, through its indirectly, wholly owned subsidiary, to progress its delivery of the Northern Gateway, one of the largest residential schemes in the United Kingdom.
The acquisition will deliver more than 1,000 new homes, including the first elements of the River City Park at St. Catherine’s Wood, which will link from Angel Meadow out to the North of Manchester.
Located northeast of Victoria rail and Metrolink station, the 20-acre site acquired features the former railway sidings and the former Redbank viaduct connection into Victoria, including 17 acres of land and warehouse units, which are home to several up-and-coming entrepreneurial businesses.
The acquisition follows the adoption by Manchester City Council of the Strategic Regeneration Framework in February and represents FEC’s fourth off-market land transaction in and around the Redbank area of the Northern