Puma pumps £50m into McGoff’s Manchester BTR

The investor is loaning the cash for Downtown Victoria North, a 237-apartment scheme off Rochdale Road that is currently under construction.

The £50m loan is the largest to date for Puma Property Finance. It also marks the eighth deal between Puma and McGoff Group.

Downtown Victoria North will bring 77 one-bedroom flats, 149 two-bedroom apartments, and 11 three-bedroom homes to Manchester. The apartments are spread against two blocks, the tallest of which is 13 storeys and the shorter being 11 storeys.

Downtown Victoria North was designed by Jon Matthews Architects and also includes a resident gym, lounge, and underground parking.

McGoff is eyeing an early 2026 completion date for the BTR project.

Puma director Tony Throp described Downtown Victoria North as being in “a prime location in Manchester”.

He also described why the BTR market is one that Puma wants to continue to invest in.

“The imbalance between supply and  demand in the UK rental market is well known, with many people having to push back home  ownership aspirations because of higher interest rates and unaffordable property prices, and private  landlords also leaving the market,” Throp said.

“Meanwhile renters are desiring higher standards of living than previously. The BTR sector therefore has a critical role to play in bridging this gap.”

Chris McGoff, director at the McGoff Group, said his company was glad to work again with Puma.

“The Puma team demonstrated great flexibility in a tight timeline to deliver this deal, and we look forward  to continuing to work with them throughout this development and in the future,” McGoff said.