Mulbury secures £30m backing for Manchester PRS

DTZ Investors has made its first investment in the North West PRS market, agreeing a £30m deal to forward fund Mulbury’s second private renter sector development in Ancoats.

The scheme of 143 apartments, which was granted planning consent in January, will be built on the corner of Blossom Street and Great Ancoats Street.

Designed by Tim Groom Architects, the scheme is split across two separate buildings, one at eight-storeys and one seven-storeys, with a mix of one, two and three-bedroom apartments, as well as three townhouses.

The scheme will include communal resident amenity space, concierge services and around 2,000 sq ft of commercial space.

James Alderson, head of Mulbury City, the company’s city centre residential division, said: “This is our second forward-funded PRS deal in Manchester in the last 12-months and shows the continued demand for PRS living in the city and appetite from investors.

“We are incredibly proud to have secured the backing of DTZ who really bought into our vision for the site. We aim to be on site by the end of July.”