The £400m deal will be developed under a Design, Build, Finance and Operate (DBFO) model.

The University and Viridis will now work together to develop its DBFO delivery plans with the aim of reaching financial close by summer 2025.

On completion, the wider Fallowfield campus will offer up to 5,400 student beds by replacing the existing older accommodation on-site and delivering 3,300 updated bedrooms to meet the growing demand across the popular campus.

The redevelopment will be delivered in multiple phases. Demolition of Owens Park Tower and surrounding buildings, which have been closed for several years, is ongoing and due to complete early in 2025.

Graham CEO, Andrew Bill said: “Graham is delighted to be working in partnership with the University of Manchester to deliver its vision for the Fallowfield Residences Redevelopment Programme.

“Together, we will focus on creating an exemplar sustainable campus that will enhance the experience of the University’s next generation of students.”