Glenbrook signs £40m funding deal on Manchester PRS development

Property firm Glenbrook has signed a £40m funding agreement with investment company Moorfield Group.

The deal will see Moorfield fund the development of Glenbrook’s latest private rented sector scheme (PRS) on Ellesmere Street, in the Castlefield area of central Manchester.

The scheme is the second PRS development the two firms have worked on together, having delivered phase one of The Keel, a 240-unit PRS project at Liverpool’s Queen’s Dock.

Completed in September last year, The Keel is now fully occupied.

Building firm GRAHAM Construction has been appointed as the main contractor on the 232-unit Ellesmere Street scheme, which secured planning consent in April to deliver more than 200,000 sq ft of accommodation across three buildings of between eight and 12 storeys.

Construction is now underway, with completion due in Summer 2018.

Ian Sherry, director of Glenbrook, said of the company’s latest development: “Speed of execution is very important in this sector and we are pleased to have successfully purchased, achieved planning and secured a funding partner for Ellesmere Street well within a 12-month period, allowing us to make an immediate start on site.

“We believe the private rented sector to be resilient, a belief which has been underlined by our commitment to bring forward over 750 further units which are in design or planning stages across the North West.”

Moorfield Group’s chief investment officer, Charles Ferguson Davie, commented: “We are delivering new homes for renters in Manchester by focusing on design and service and are pleased to be partnering again with Glenbrook to deliver another fantastic place to live.

“The build to rent sector is in its infancy and we are proud to be at the forefront and helping deliver much needed housing supply in Manchester.”

Designed by Manchester-based AEW Architects, the Ellesmere Street scheme also includes co-working space, gardens, concierge facilities, a gym, subterranean parking, car hire services and cycle storage.

Paul Beardmore, the chief executive of Manchester Place, a partnership between the government and Manchester City Council formed to ensure the delivery of high quality housing in the city, said: “The build to rent sector forms a fundamental part of Manchester’s wider residential strategy to deliver further housing to the city.

“We are delighted that Glenbrook and Moorfield have seen this opportunity and are now committed to delivering this scheme, which will continue the regeneration of this gateway area to the city.”

Law firm DWF advised Moorfield during the deal.