Property company Glenbrook has agreed its second forward funding deal with institutional investor Moorfield, providing £40m to build 230 private rented sector apartments in Manchester’s Castlefield.
This is the second PRS development the two companies have partnered together on, having delivered phase one of The Keel, a 240-unit PRS scheme at Queen’s Dock in Liverpool which completed in September 2015, and is now fully occupied.
The joint venture has appointed Graham Construction as main contractor to deliver the Castlefield project on Ellesmere Street, which was granted planning consent by Manchester City Council in April. The scheme by AEW Architects will total 200,000 sq ft of residential and ancillary accommodation across three buildings, ranging between eight and 12-storeys. Construction has started on site with completion scheduled for summer 2018.
Ian Sherry, director of Glenbrook, said: “Speed of execution is very important in this sector and we are pleased to have successfully purchased, achieved planning and secured a funding partner for Ellesmere Street well within a 12-month period, allowing us to make an immediate start on site.
“We believe the private rented sector to be resilient, a belief which has been underlined by our commitment to bring forward over 750 further units which are in design or planning stages across the North West.”
Charles Ferguson Davie, chief investment officer at Moorfield, said: “We are delivering new homes for renters in Manchester by focusing on design and service and are pleased to be partnering again with Glenbrook to deliver another fantastic place to live. The build to rent sector is in its infancy and we are proud to be at the forefront and helping deliver much needed housing supply in Manchester.”