Moorfield, the UK real estate private equity fund manager, has announced an agreement with Glenbrook, the property development company, to fund the £40 million development of a new Build to Rent (BTR) scheme at Ellesmere Street in Manchester City Centre.
This will be Moorfield and Glenbrook’s second development together, following the £30 million transformation of The Keel in Liverpool, the former HMRC building on Queen’s Dock, into 240 stunning waterside rental apartments. The Keel is now fully occupied.
The 232-unit scheme was granted planning consent by Manchester City Council in April and will offer over 200,000 sq ft of residential and ancillary accommodation across three buildings, ranging between eight and 12-storeys. Construction will commence on site at the end of July with completion scheduled for summer 2018.
Charles Ferguson Davie, Chief Investment Officer, Moorfield, said:
“Moorfield has pioneered the development of Build to Rent with The Keel, which is among the first of its kind in the country and has become one of the most desirable locations in which to live in Liverpool. With this new project in Manchester we are aiming to deliver another landmark BTR scheme, focusing on design and service to create an attractive housing option in Manchester.
“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.
“Brexit has created much uncertainty, particularly for real estate investors and developers in the UK, but Moorfield is committed to the BTR sector and has a pipeline of exciting
opportunities with an aim to build a 2,000 unit platform. 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.
“With the great success of full occupancy at The Keel in Liverpool validating our vision, we aim to develop and build a portfolio of consumer focussed, design-led, desirable modern rental homes for professionals, families and retirees alike and create new, professionally managed communities for City Centre living.”
The Keel in Liverpool is a new luxury development offering a range of studio, one, two and three bedroom apartments, complete with a residents’ only gym and waterside terrace. Surrounding a central quay and overlooking the River Mersey, the apartments enjoy an abundance of natural light, with waterside views, providing a luxury lifestyle in the city’s most inspirational location.
As the city’s first Build to Rent scheme, The Keel offers a new approach to private renting in the Liverpool market as the entire development is owned and managed by a single entity, rather than by many different private landlords. Tenants benefit from professional on-site property management and a 24-hour customer help service, meaning quality and management, both short and long term, can be controlled and enhanced. Services such as personal training in the onsite gym, laundry services and apartment cleaning are provided upon request through the Keel Concierge.