MANCHESTER, England (Reuters) - The northern English city of Manchester on Friday opened the first phase of a 1.7 billion pound ($2.3 billion) hub for science and technology companies, part of a large-scale project driven by university and private sector investors.
The 'Sister' innovation district on the University of Manchester's former city centre North Campus envisages 2 million square feet (186,000 square metres) of commercial space and 1,500 new homes and aims to boost the city's status as a science and technology centre.
University cities like Oxford, Cambridge and Manchester have been creating environments where investors can be on hand to partner with startup companies, a trend Britain's new Labour government wants to continue to attract more private investment to help upgrade the country's public services and infrastructure.
The 15-year project Sister project is a joint venture between the University of Manchester and Bruntwood SciTech, a development company owned by property firm Bruntwood, Legal and General and the Greater Manchester Pension Fund, and will see a total investment value on completion of 1.7 billion pounds.
The first tenant, climate tech investment company Sustainable Ventures, moves into the site's Renold Building this November.
"This is a significant moment for Manchester," said Bev Craig, leader of Manchester City Council.
Sister forms part of the government-funded Greater Manchester Investment Zone, which uses 160 million pounds of public money to help attract businesses to the city over the next decade.
Sister said it will announce plans for its first major development zone soon.