UK real estate fund manager Moorfield Group (“Moorfield”) has entered into its fourth development agreement with Glenbrook, on behalf of its Moorfield Real Estate Fund V, forward-funding a 440 home Multifamily Build-to-Rent (BTR) development in Trafford, Manchester.
Moorfield – which acquired the site with full planning consent – and Glenbrook will deliver the 440 BTR units at Lumina Village, with the remaining 199 units being delivered by Glenbrook on behalf of Clarion Housing Group as Shared Ownership and Affordable Housing tenures.
Lumina Village forms part of the Civic Quarter Master Plan, where Trafford’s 55 acre Civic Quarter – less than half a mile from Manchester United’s Old Trafford football stadium and adjacent to Old Trafford cricket stadium – is being regenerated to provide up to 4,000 new homes, public realm, green space and 50,000 sq m of new office and commercial stock. Plans include the redevelopment of c.20 hectares of brownfield land.
Set to complete in 2026, Moorfield’s £120m GDV scheme will be arranged across four buildings and a central podium, with residential accommodation including apartments and townhouses, which will be aimed at young professionals and families. All residents will have access to ground and podium level amenities; resident lounges, reception areas, co-working space, a gym and studio, roof terrace, cycle storage and a 200 space car park. Communal landscaped green areas will be the largest of any BTR development in Manchester.
A range of decarbonisation initiatives at the construction and operational stages are planned as part of an ESG-linked development agreement between Moorfield and Glenbrook. At least 95% of homes will attain a minimum EPC B rating and net zero operational carbon will be achieved through a full-electrification of the scheme. Further measures include the use of cement replacements and other recycled building materials, installation of photovoltaic roofing and electric vehicle charging points, and biodiversity net gain.
Lumina Village is the fourth Multifamily BTR development by Moorfield and Glenbrook, the third in Manchester, and the relationship will have delivered over 1,000 homes when the scheme completes.
The previous partnerships were in Liverpool (The Keel, sold in 2018), in the Castlefield area of Manchester (The Trilogy, sold in 2021), and in Salford Quays, Greater Manchester (Duet, sold in 2022). Moorfield’s other BTR development was The Forge in Newcastle, which was sold in 2019, and Moorfield also converted Velocity Village, a scheme that was designed for sale, into a rental community in Sheffield, before sold in 2015.
Moorfield was one of the earliest movers in the UK BTR market, which followed on from its activities in the student accommodation market through Domain, a 5,000 bed platform that was established in 1997. This has also been complemented by establishing other living sector strategies in student housing of multiple occupation (HMO), co-living, and single-family housing, as well as in integrated retirement communities and nursing homes.
The UK fund manager’s residential strategies are targeting the combined delivery of an initial 5,000 homes, with MREIT, Moorfield’s private real estate investment trust established in the summer of 2023 – targeting £500m of investment capacity, with an initial focus on aggregating a portfolio of family homes and HMOs.
Charles Ferguson-Davie, Chief Investment Officer, Moorfield Group, comments:
“Lumina Village is a fantastic asset in one of the UK’s most attractive BTR markets, and the next in our strong relationship with Glenbrook, whose expertise we value enormously.
“Our early BTR investments performed well and we are now excited to be getting back into the subsector, having been priced out for a number of years and having sold all of our previous projects. We have delivered some of the UK’s best, market-leading schemes; Duet being the highest ranked UK BTR investment at one point, and we look forward to this new investment now delivering the next stage in design and customer service that will make it fit for purpose for future demand.
“We think the residential sector continues to offer opportunity, driven by an acute supply and demand imbalance, and the opportunity to provide a far better offering in the market place.”
Ian Sherry, director at Glenbrook, adds: “Reaching this funding milestone at Lumina and our fourth BTR funding deal with Moorfield is a huge accomplishment for all those involved. When completed, the scheme will deliver much needed rental housing in an excellent, well-connected location. Construction has already commenced and we look forward to updating as the the development progresses.”
Shoosmiths, Quartz and CBRE advised Moorfield.