HGP injects £13m into McGoff’s Manchester BTR
Lloyds Banking Group-backed Housing Growth Partnership has joined Puma Property Finance in supporting the developer’s 237-home Rochdale Road scheme.
The funder has pumped £13m into McGoff Group’s Downtown Victoria North, located within the £4.5bn Victoria North regeneration area.
“Our investment with McGoff highlights the role that equity funding plays in getting housing projects off the ground across the UK during a high-interest rate environment,” said John McKeon, investment director at HGP.
“Downtown Victoria North promises to be an excellent scheme that will provide tenants with a high-quality place to live within walking distance from the city centre. McGoff has a great track record in the delivery and operation of schemes of this nature across the North West and we look forward to partnering with them on this and other developments.”
Designed by Jon Matthews Architects, Downtown Victoria North comprises 77 one-bedroom flats, 149 two-bedroom apartments, and 11 three-bedroom homes.
The apartments are spread against two blocks, the tallest of which is 13 storeys and the shorter being 11 storeys.
Construction of the Rochdale Road scheme, which McGoff acquired last year, is underway and is due to complete late in 2025.
Chris McGoff, director at the McGoff Group, adds: “We’re thrilled to have established a joint venture with Housing Growth Partnership, working with them to deliver Downtown Victoria North.
“The development is located in a superb part of Manchester city centre. Furthermore, the design and mix of properties within the scheme are excellent. We are confident this BTR scheme will prove popular with the discerning Manchester rental market.”
The HGP funding deal follows McGoff securing a £50m facility from Puma earlier this year.
The completed scheme will be managed by Downtown Asset Management, McGoff’s build-to-rent operations arm.