The University of Manchester's £530m project to build 3,300 student rooms in Fallowfield has reached financial close, with agreements signed off. The 24-acre site, adjacent to Wilmslow Road and Moseley Road, will be arranged into five neighbourhoods and over 20 residential blocks.
Project details and sustainability goals
University bosses hope the accommodation will be among the most sustainable in the world. Planning permission was granted last year. The development follows the demolition of the iconic Owens Tower, whose former residents include actor Benedict Cumberbatch, comedian Rik Mayall, and Radiohead guitarist Ed O'Brien.
Construction is expected to start next year, with the first rooms opening in 2028. A statement said the partnership brings together expertise in long-term investment, development, construction, and student accommodation operations to deliver high-quality, sustainable housing that enhances the student experience and supports the university's strategic objectives.
Partnership and funding
The university has partnered with Equitix, an investor in student accommodation, contractor GRAHAM, and pensions insurer Rothesay, which will provide majority funding. The project will be delivered in phases, with the first 1,000 rooms opening in 2028, additional accommodation and central hub facilities completed in 2029, and remaining rooms available in 2030.
The financing model is designed to enable long-term investment while protecting the university's ability to invest in teaching, research, student support, and staff.
Official comments
Barra Mac Ruairí, Chief Property Officer at the University of Manchester, said: “We are very pleased that by working in true partnership we looked for innovative solutions to opportunities and the inevitable challenges which working at such scale presents. Getting to this milestone was a tremendous endeavour. Our new Fallowfield residences are going to be among the most sustainable in the world and are designed to deliver an outstanding student experience. I’m looking forward to working with our partners as we continue to develop the site.”
Torsten Bell, Minister for Pensions, added: "Britain needs to get back into the business of investing in its own future, and we are supporting the building, investing and innovating that makes that happen. This significant commitment to sustainable student housing in Manchester shows how institutional investment can achieve that while delivering strong long-term outcomes for savers."
