Olympian’s Manchester Fairfax towers get £165m funding boost

Construction on the 488-home build-to-rent project is set to begin this month, with a projected completion date of spring 2025.

Global real estate investor and manager Round Hill Capital has formed a partnership with developer Olympian Homes as part of a £165m forward-funding agreement for The Fairfax. In a press release, Round Hill teased that it would be the first of many such investments.

“We are excited to be announcing our BTR investment with Olympian Homes, an exemplary developer with an outstanding track record, and together we will create a flagship asset in the UK,” said Tom France, head of UK investment at Round Hill Capital.

“Our exceptional investment, development and property management expertise, authentic local perspective and deep market insights help us to identify strong regional UK cities such as Manchester, and will allow us to unlock further opportunities in the coming months and years,” he continued.

Set off Portugal Street East, The Fairfax received a final decision notice in March last year from Manchester City Council. Comprising two structures linked by a podium, The Fairfax is the work of executive design architect Jon Matthews Architects and delivery architect Day Architectural.

The two towers will be 23 and 29 storeys tall and host a mixture of one- and two-bedroom flats.

RG Group landed the construction contract for The Fairfax in December last year.

The Fairfax is Olympian Homes’ first BTR scheme. James Lindridge, development director at Olympian Homes, described how this was the right time for such a project.

“Manchester is a flourishing city with a great pipeline of opportunities,” he said. “This new development will help manage the supply/demand imbalance in the area by providing residents with high-quality accommodation in a city centre location complemented by excellent transport links.”

Michael Bickford, founder and chief executive of Round Hill, described the investment as a “milestone” for the company, which is celebrating its 20th anniversary this year.

Bickford said: “Addressing a major supply/demand imbalance in a thriving city with strong capital growth prospects, this flagship project in Manchester demonstrates our ability to identify intelligent investment opportunities and high-performing sectors across Europe with valued partners.”