Funding boost for 'landmark' Bolton scheme

A Bolton town centre residential scheme has moved forward after a pension fund committed to acquire more than 100 new apartments.

Greater Manchester Pension Fund has forward committed to purchase 114 apartments at The Foundry, a new residential development being brought forward as part of Bolton Council’s town centre masterplan.

The scheme is being developed by Step Places, with development finance provided by the Greater Manchester Combined Authority.

Once practical completion is reached, expected in early 2028, Greater Manchester Pension Fund will acquire the completed apartments.

The homes will then be let under a single lease to housing association Places for People, which will let the one and two-bedroom apartments to residents on tenancy agreements.

Harinder Dhaliwal, managing director of Step Places, said: “Step Places is proud to be delivering the final piece of the Moor Lane masterplan, including 114 one and two bedroom apartments for open market rent.  

“Completion of the new linear park alongside Cheadle Gardens will connect the wider town centre masterplan and routes to Queen’s Park, Le Mans Crescent and the wider town centre.  

“Working closely with our partners and stakeholders, Bolton Council, GMCA, GMPF and Places for People shows the power of partnership, collaboration and shared vision to bring forward such a landmark scheme.”

Tim Weightman, chief investment officer at Places for People, added: “We are delighted to be partnering with GMPF and Step Places to bring high-quality, professionally managed rental homes to the heart of Bolton town centre. 

“The Foundry represents exactly the type of well-connected, sustainable development that supports thriving communities.

“Addressing the housing crisis across the UK means delivering the right mix of homes to match demand. 

“By offering high-quality homes for open market rent in a prime central location, we are helping to meet growing demand for flexible living while contributing to Bolton’s long-term regeneration ambitions.”

The Foundry forms the final part of the wider Moor Lane masterplan and is designed to support Bolton Council’s ambition to create a more diverse residential core in the town centre.

The project also includes the completion of a new linear park, improving links between Cheadle Gardens, Queen’s Park, Le Mans Crescent and the wider town centre.

Councillor Akhtar Zaman, Bolton Council leader, added: “Moor Lane is a key development for Bolton and one of the first to start bringing residents back into the town centre as part of our ongoing regeneration.  

“This latest phase will include the completion of a new linear park, adding to our growing number of improved public spaces and facilities.  

“This investment by GMPF shows growing market confidence in Bolton and is sure to attract further investment interest in our many upcoming projects.”

CBRE advised Greater Manchester Pension Fund on the transaction.

Colin Thomasson, executive director of CBRE, added: “The formal commitment to deliver The Foundry represents a major milestone for GMPF and its partners, providing certainty around the completion of a high quality residential scheme at the heart of Bolton town centre. 

“Located adjacent to the town hall, the development is a core element of the wider Moor Lane regeneration and benefits from strong public sector support and a well-established delivery partnership.

“The Foundry will deliver 114 purpose built rental homes, alongside new retail space and high-quality public realm, creating a sustainable, mixed use environment in a highly accessible location.  

“With Bolton’s amenities, transport interchange and railway station all within walking distance, the scheme is well positioned to attract long term rental demand.”

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