It's hoped the eight-storey lab, off Upper Brook Street, will be home to emerging pharmaceutical, physics, chemical and engineering companies, among others, generating around £20m a year and creating hundreds of well-paid technical, research, office and manufacturing jobs.
It will be built alongside a 23 storey block of student flats housing more than 700 bedrooms in the first phase of a huge and 'nationally significant' £450m redevelopment which will transform the traditionally working-class inner-city district of Brunswick.
It's a major boost for Manchester's drive to become a leading player in the science and technology sector.
The area around Oxford Road, including the universities, hospital and science park, is increasingly becoming a viable alternative to the so-called Golden Triangle of London, Cambridge and Oxford, where much of the industry is currently based.
But it's not all been smooth sailing. More than 100 objections to the plans were made, with concerns including increased traffic, pressure on local services and fears over the height of the proposed buildings.
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