The £1 billion ‘Northern Gateway’ project will be the largest development ever undertaken in the city, covering 120 hectares of land.

FEC will work directly with Manchester City Council on the “Northern Gateway” in the northeastern part of Greater Manchester, which will be the largest development ever undertaken in the city when completed, covering 120 hectares of land, according to a company statement on Thursday.

The £1 billion investment will be divided in phases and used for different projects in the region. And the return from sub-developments would allow further investment funding over the development period, Far East Consortium said.

“Manchester is the third most visited city in Britain and is famed for its architecture, culture, musical exports and media links along with an impressive heritage of scientific and engineering innovations,” chairman David Chiu said.

“I myself have been to the city many times and this project is a top priority for Far East Consortium in Britain. Official council data shows the demand for new homes in the Manchester city centre will continue to exceed supply.”

The Northern Gateway will unlock the residential development potential of more than 13 million square feet, sweeping north from Victoria Station and taking in the neighbourhoods of New Cross, the Lower Irk Valley and Collyhurst.

This is a major deal, it's one of the largest foreign investments in the UK and is a huge vote of confidence in the city. It's obviously more great news for the continued development of Manchester. Well done MCC and all those involved in the deal.