Legal & General Capital (LGC) will fund a £16m scheme, which forms part of the New Bailey development in Manchester, which had been devised and designed by English Cities Fund (ECf) - a joint venture between Muse Developments, Legal & General and the Homes and Communities Agency (HCA).
The development will create a total of 90 homes located on the border of Salford and Manchester, adjacent to Spinningfields. The properties will comprise a mixture of one, two and three bedroom apartments, and are expected to be completed in 18 months.
It will be the first custom-built PRS scheme to be delivered in Greater Manchester.
Laura Mason, Director of Direct Investments at Legal & General Capital, said: "The renaissance of Salford is one of the best success stories in UK urban regeneration. Situated in a waterside location, within walking distance of Manchester Piccadilly and 200m from Salford Central, we have the ability to provide a new class of rental accommodation, based off fair value rents but with a higher quality offer, and greater tenant service and flexibility."
ECf is responsible for bringing forward the regeneration of Salford Central, as well as extensive regeneration projects in four other UK cities, delivering over 5.4m sq ft of mixed use space including hundreds of much-needed homes.
Phil Mayall, development director at ECf, said: "With its convenient location and close proximity to city centre amenities, including the bars and restaurants of Spinningfields a short walk over the bridge, it makes perfect sense to include a residential element within New Bailey and we think a PRS offering here will be a good fit. As more businesses and people are undoubtedly attracted to the area, it will become even more desirable as a place to live, work and visit."
In developing New Bailey, ECf is linking up with wider regeneration activities and successfully establishing a new business destination for the city. The scheme features a 143-bed Premier Inn and a 615-space NCP car park, both of which are complete and fully open to the public. One New Bailey, a 125,000 sq ft office development is also currently under construction and due to complete in May 2016.
