UK real estate fund manager Moorfield Group (“Moorfield”) and the Greater Manchester Pension Fund (“GMPF) are set to welcome the first residents at Podium, a 440-home build-to-rent (“BTR”) development in Trafford, Greater Manchester, following practical completion in April.
In July last year, Moorfield, on behalf of Moorfield Real Estate Fund V (“MREFV”), formed a joint venture with Greater Manchester Pension Fund (“GMPF”) to own, develop, and operate Podium. GMPF’s investment was completed through the Greater Manchester Property Venture Fund, which is advised by CBRE. Debt financing has been provided by CBRE Lending on behalf of Trafford Borough Council.
The scheme has been delivered by developer Glenbrook (the fourth multifamily BTR development to be delivered by Glenbrook for Moorfield) and main contractor Domis Construction. Over 1170 jobs were created during the construction phase, including 19 apprenticeship, trainee, and work experience roles.
Allsop has been appointed as the managing agents and will work closely with Moorfield’s in-house operations team.
The 440 completed homes are arranged across four buildings and a namesake central podium. A range of housing types are now available to rent, including apartments and townhouses 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. The communal landscaped green areas will be the largest of any BTR development in the Greater Manchester city-region.
A range of decarbonisation initiatives at the construction and operational stages are included within an ESG-linked development agreement between the joint venture partners and Glenbrook and net zero operational carbon will be achieved through a full electrification of the scheme. Further measures include the installation of photovoltaic roofing and electric vehicle charging points. Zero waste went to landfill during the construction phase.
Podium, which is within Lumina Village, also forms part of Trafford’s 55-acre Civic Quarter masterplan, which is close to Manchester United’s Old Trafford football stadium and adjacent to the Old Trafford cricket stadium. The masterplan will see up to 4,000 new homes delivered alongside new public realm, green space and over 500,000 sq. ft. of mixed commercial space.
Podium represents Moorfield’s third BTR investment in Manchester, with previous investments including The Trilogy in Castlefield (sold in 2021) and Duet in Salford Quays (sold in 2022), which were part of a 1,000+ home BTR portfolio assembled between 2012 and 2017.
To date, Moorfield has funded over 12,000 residential units across the co-living, multi-family, open-market-sale, single-family, and student housing sectors.
Matthew Smith, Head of Operational Asset Management at Moorfield Group, said: “Podium builds on our strong track record of funding and managing market-leading build-to-rent developments that prove highly attractive to both consumers and institutional investors. The high-quality homes delivered will help meet a pressing housing need while also contributing to a wider regeneration of the area, and we are pleased to celebrate its completion.”
Stuart McCrone, Projects Director at Glenbrook, said: “Podium marks another successful BTR development in partnership with Moorfield and is recognition of our ability to deliver institutional-quality living sector schemes within the UK’s most high-demand urban markets.”
Colin Thomasson, Head of UK Investment Properties at CBRE said: “Having advised on GMPF’s investment into Podium, we are pleased to see the asset come to life and make a meaningful contribution to local housing supply in Greater Manchester.”