Housing Growth Partnership, an equity investor and part of Lloyds Banking Group, has invested £13m in a joint venture with McGoff Group to deliver the new Downtown Victoria North build-to-rent scheme in Manchester.
The development is situated on a form er gasworks on Rochdale Road and represents a key element of the wider Victoria North regeneration programme.
Construction work has now started and is scheduled to complete in late 2025.
The development of one, two and three-bedroom apartments and townhouses is situated a 10-minute walk from the centre of Manchester.
McGoff Group will undertake all aspects of the delivery of the scheme with McGoff Construction acting as main contractor and McGoff’s sister company, Downtown Asset Management, operating the completed development. This project represents McGoff’s second Manchester city centre development following completion of its 374-unit ‘Downtown’ development on the banks of the river Irwell in Salford in 2020.
John McKeon, Investment Director for HGP, commented: “Our investment with McGoff highlights the role that equity funding plays in getting housing projects off the ground across the UK during a high interest rate environment. Downtown Victoria North promises to be an excellent scheme that will provide tenants with a high-quality place to live within walking distance from the city centre. McGoff have a great track record in the delivery and operation of schemes of this nature across the North West and we look forward to partnering with them on this and other developments.”
Chris McGoff, director at the McGoff Group, adds: “We’re thrilled to have established a joint venture with Housing Growth Partnership, working with them to deliver Downtown Victoria North. The development is located in a superb part of Manchester city centre. Furthermore, the design and mix of properties within the scheme are excellent. We are confident this BTR scheme will prove popular with the discerning Manchester rental market.”
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