Q20548- This City Investment Partner Approach

This City is a housing development company created by Manchester City Council with the aim to accelerate the number of new homes for Manchester people. Schemes developed through This City will focus on high quality, zero-carbon homes and will deliver a mix of accessible rent and market homes. The first development site on Rodney St. in Ancoats is set to deliver 128 new homes and is scheduled to break ground in the summer of 2023. Future ambitions for This City is to scale up and develop 500 new homes a year. To realise the future ambitions, MCC engaged PwC in the summer of 2022 to support and develop an outline Investment Memorandum (IM) with an initial focus to propose a commercial structure to secure an investment partner for This City to develop a group of sites yielding upwards of 1200 new homes referred to as phase 2 development . The initial phase of the IM, completed by PwC, included workshops with MCC councillors and executives to establish and set strategic objectives for partnership, engage with potential partners from different investor profiles to test their appetite to enter a process in principle and propose a commercial structure that aligned with feedback. Following the work in this initial stage, stage 1, a preferred commercial partnership structure was formed that will guide how the investment partnership will be developed in stage 2. This City and its sole shareholder MCC, wish to receive a proposal and quotation to complete two further stages (stage 2 and stage 3) of the IM.