The £32.2bn Greater Manchester Pension Fund (GMPF) has partnered with Moorfield Group to develop and operate a £120m build-to-rent asset in Trafford, Manchester.
The project, known as Podium, will deliver 440 homes for young professionals and families across four buildings with a central “podium”. Amenities will include resident lounges, co-working space, a gym, roof terrace, cycle storage and a 200-space car park. Communal landscaped areas will be the largest of any build-to-rent development in Manchester, according to a press release.
Podium is being delivered by developer Glenbrook and main contractor Domis Construction, with the completion of the first phase expected in 2026. The investment has been made through GMPF’s Greater Manchester Property Venture Fund, advised by CBRE.
A range of decarbonisation measures form part of the development agreement, with at least 95% of homes targeted to achieve EPC B or better, net zero operational carbon through electrification, and further initiatives such as photovoltaic roofing, electric vehicle charging points, and biodiversity improvements.
GMPF has been expanding its role in housing delivery across the region, with notable announcements including a £100m commitment to Legal & General’s Affordable Housing Fund and a joint venture with Manchester City Council’s housing company, This City, to deliver 1,600 affordable homes across the city.
Councillor Eleanor Wills, chair of GMPF, said the investment “supports the government’s plan to provide much-needed homes that are affordable to young families and those looking to get their first step on the housing ladder, while enabling us to secure the pensions of our members”.
Charles Ferguson-Davie, co-chief executive and chief investment officer at Moorfield, said: “Our joint venture with Greater Manchester Pension Fund sees us partner with a forward-thinking UK institutional investor that understands the long-term benefits high-quality purpose-built rental housing can bring to local communities and economies. This transaction enables us to recycle capital into other compelling opportunities we are seeing within UK living real estate.”
Colin Thomasson, head of UK investment properties at CBRE, added: “Demand/supply dynamics within the wider UK housing market continue to position the build-to-rent sector favourably with both domestic and global institutional investors, and we are delighted to have played a pivotal role in the partnership between Moorfield and GMPF.”
