The UK subsidiary of Hong Kong contractor CR Construction has secured the next phase of a £4bn regeneration project in Manchester.
The firm revealed it had last week (17 July) signed a £210m contract to build 895 homes in the city’s Red Bank neighbourhood for Hong Kong-listed developer Far East Consortium, working in a joint venture with Manchester City Council.
CR Construction is expected to start work early next year, after Bam Nuttall finishes a £51.6m package of enabling works, funded by the previous government’s Housing Infrastructure Fund.
The Red Bank project received detailed planning permission in August 2023. Four blocks, rising to 34, 31, 20 and nine storeys respectively, will replace former railway sidings north of the River Irk.
Victoria North will provide more than 15,000 homes across 155 hectares in north Manchester over the next two decades. Out of more than 5,500 homes planned at Red Bank in the next 15 years, 4,800 have gained at least outline planning permission.
CR Construction is also building the Red Bank neighbourhood’s first new project, Victoria Riverside, comprising 634 homes, of which 128 are classed as affordable. The first phase is expected to complete this year and the second in early 2025.
UK managing director Calum Kidd said: “Securing this project is another significant milestone for us as we further establish our business and presence in the UK market.”
CR construction is also doing a £37m office refurbishment in central London.
The firm reported a £56.2m turnover in 2023, double the £26.2m it tabled the previous year.
The Far East Consortium, which operates in 10 countries, entered the UK market in 2011. It recently developed a 65-storey mixed-use tower in Canary Wharf, built by JRL.
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