A new £40m Build To Rent scheme has been given the go-ahead for Manchester city centre.
Moorfield, a UK real estate private equity fund manager, is teaming up with developer Glenbrook to create the scheme - the second by the two firms, following the £30m transformation of The Keel in Liverpool, a former HMRC building.
The 240-unit Keel is now fully occupied and the 232-unit new scheme for Manchester will consist of three new buildings ranging from eight to 12-storeys. Completion is scheduled for summer 2018.
“The Build to Rent sector is in its infancy and we are proud to be at the forefront of it. The sector forms a fundamental part of many cities’ wider residential strategies and we intend to develop more schemes across the country and so help deliver much needed housing supply” says Charles Ferguson Davie, chief investment officer of Moorfield.
“We have a track record of pioneering emerging real estate sectors such as student accommodation, budget hotels and retirement villages and we think that BTR has enormous potential” he says.
At The Keel there are a 24-hour customer help service, an on-site gym, laundry services and apartment cleaning options.