August 01st, 2016

Glenbrook Signs £40m Funding Agreement With Moorfield To Deliver Manchester PRS Scheme

Who said it’s quiet for the property market in the Summer? We’re pleased announce we’ve just signed a £40 million agreement with Moorfield to fund the development of its latest private rented sector scheme (PRS) at Ellesmere Street in the Castlefield area of Manchester City Centre.

 

This is the second PRS development we’ve successfully partnered together, having delivered phase one of The Keel, a 240-unit PRS scheme at Queen’s Dock in Liverpool completed September 2015, which is now fully occupied.

 

GRAHAM Construction has been appointed to deliver the 232 unit scheme, which was granted planning consent by Manchester City Council in April.  It will offer 200,000 sq ft of residential and ancillary accommodation across three buildings, ranging between eight and 12-storeys.  We are now on site and the development is due to finish in summer 2018.

 

Ian Sherry said: “Speed of execution is very important in this sector and we are pleased to have successfully purchased, achieved planning and secured a funding partner for Ellesmere Street well within a 12-month period, allowing us to make an immediate start on site.

 

“We believe the private rented sector to be resilient, a belief which has been underlined by our commitment to bring forward over 750 further units which are in design or planning stages across the North West.”

 

Charles Ferguson Davies, Chief Investment Officer, Moorfield said: “We are delivering new homes for renters in Manchester by focusing on design and service and are pleased to be partnering again with Glenbrook to deliver another fantastic place to live.  The build to rent sector is in its infancy and we are proud to be at the forefront and helping deliver much needed housing supply in Manchester.”

 

Paul Beardmore, Chief Executive, Manchester Place (the Government / Council partnership for high quality housing delivery in Manchester), said: “The build to rent sector forms a fundamental part of Manchester’s wider residential strategy to deliver further housing to the city. We are delighted that Glenbrook and Moorfield have seen this opportunity and are now committed to delivering this scheme, which will continue the regeneration of this gateway area to the city.”

 

Designed by AEW Architects, the gateway scheme includes a co-working space surrounded by gardens, concierge facilities, a well equipped gym, basement car parking with car hire facilities and plentiful cycle storage.