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Manchester university has formally begun the search for an investment and development partner to help it create a 拢1.5bn 鈥渋nnovation district鈥� on an 18-acre site next to the city鈥檚 Piccadilly station.

More than 4m sq ft of mixed-use space is available for development and the university鈥檚 grade-II listed Sackville Street 好色先生TV could also be 鈥渞e-purposed鈥�. 

In an 鈥榠nformation memorandum鈥� released this week, the university described its vision of 鈥渁 trailblazing new neighbourhood that will be an engine of economic growth and investment, a catalyst for innovation and a valuable asset for the city and its citizens鈥�.

The university estimates that it will take 15 years for the ID Manchester development to come to fruition but the joint venture will 鈥渆ndure far beyond this timeframe,鈥� according to a contract notice published in the Official Journal last week.

The university said: 鈥淚t is envisaged that the JV will establish special purpose vehicles to bring forward the development of the ID Manchester site on a plot by plot basis to enable each plot to be separately funded by way of external debt.鈥�

This follows a pre-market engagement period held over the past few months, which the university unveiled in February.

Diana Hampson, director of estates at the University of Manchester, said: 鈥淥ur vision for ID Manchester was warmly received at MIPIM and since then we鈥檝e hosted several open days, attended by around 120 people representing developers and investors.鈥�

Interested parties have until 18 October to respond and the university will draw up a shortlist of potential partners in November. The process of picking a partner is not expected to be completed until next autumn.