Puma pumps £50m into McGoff’s Manchester BTR
The investor is loaning the cash for Downtown Victoria North, a 237-apartment scheme off Rochdale Road that is currently under construction.
The £50m loan is the largest to date for Puma Property Finance. It also marks the eighth deal between Puma and McGoff Group.
Downtown Victoria North will bring 77 one-bedroom flats, 149 two-bedroom apartments, and 11 three-bedroom homes to Manchester. The apartments are spread against two blocks, the tallest of which is 13 storeys and the shorter being 11 storeys.
Downtown Victoria North was designed by Jon Matthews Architects and also includes a resident gym, lounge, and underground parking.
McGoff is eyeing an early 2026 completion date for the BTR project.
Puma director Tony Throp described Downtown Victoria North as being in “a prime location in Manchester”.
He also described why the BTR market is one that Puma wants to continue to invest in.
“The imbalance between supply and demand in the UK rental market is well known, with many people having to push back home ownership aspirations because of higher interest rates and unaffordable property prices, and private landlords also leaving the market,” Throp said.
“Meanwhile renters are desiring higher standards of living than previously. The BTR sector therefore has a critical role to play in bridging this gap.”
Chris McGoff, director at the McGoff Group, said his company was glad to work again with Puma.
“The Puma team demonstrated great flexibility in a tight timeline to deliver this deal, and we look forward to continuing to work with them throughout this development and in the future,” McGoff said.
I see some balconies, which is better than none.
By Balcony Monitor
What a fantastic scheme 👀 #Manchester’sFinest
By Chris McGoff
More gentrification no social housing. A utter disgrace. M.C.Council support huge property developers not local people needs.
By Yvonne McCalls
The apartments are too big, if we half them we can double the density
By Urbanist
Is the 2026 completion date correct? Seems a long programme for something already under construction now
By Bradford
@ Yvonne these are derelict land used for car parks, I don’t think you can call it gentrification.
By Anonymous
These are embarrassingly bad. Such a lackluster design for a gateway site.
By Heritage Action
Some people think that the signs of gentrification begin if they’ve tidied the skip at McDonald’s. Glad this site is being utilised.
By Anonymous
Yvonne, what are the needs of local people?
By Gilly
An alarming lack of understanding in the comments – i assume from people who aren’t actually contributing anything themselves and instead prefer to stand back and throw stones at those that are…
By Dangermouse
‘Gilly’
Read Yvonne’s piece in full – social housing is suggested.
By SW
Agree, alarming lack indeed. Social housing here? Deary me. Design good be better though.
By Anonymous
There’s also a case for social housing near the centre for people who work in lower paid cleaning and hospitality roles in the city centre.
By SW