Pension Insurance Corporation has been confirmed as the backer of the 520-home residential phase at Muse’s New Victoria scheme in Manchester.
The project, where Vinci is the contractor, represents PIC’s first venture into the build-to-rent market. PIC will invest £130m to fund the construction of 520 apartments, more than 6,000 sq ft of commercial space and 102 car parking spaces.
Tracy Blackwell, chief executive of PIC, said: “With a portfolio in excess of £40bn, PIC is a significant and purposeful investor in the UK’s infrastructure. Our first build-to-rent project is a significant step as PIC continues to grow.
“I want to thank our partners, Muse Developments and Vinci Construction UK, for their help so far and I look forward to successful completion in 2024.”
David Burkinshaw, development director at Muse Developments, said: “Reaching completion on the forward funding deal with PIC is a significant milestone for all partners, as we bring forward the first phase of this innovative gateway development. This deal highlights investor confidence in our long-term vision to transform and repurpose an underutilised site in Manchester city centre.”
PIC was advised by Colliers International, HAALO, WSP, Addleshaw Goddard, Paul Nash and Bishopsfield Capital Partners.
Sheppard Robson is the scheme’s architect, with the professional team also including Deloitte; Walker Sime; Arup; Chroma Consulting; and Planit-IE. Muse’s partners on New Victoria are Network Rail and Manchester City Council.
Adjacent to Manchester Victoria railway station, New Victoria’s residential phase will comprise 520 homes in two buildings, one of 20 storeys and one of 25. This will include 178 one-bed, 286 two-bed and 56 three-bed apartments.
In 2019, Manchester City Council received a Housing Infrastructure Grant from Homes England to accelerate delivery of infrastructure for the 2.5-acre site, which is bounded by Corporation Street and Cheetham Hill Road, with the building fronting Corporation Street set to feature retail space at ground floor, car parking and public realm improvements.