Moorfield Group and Greater Manchester Pension Fund (GMPF) have partnered on a £120m build-to-rent project called Podium in Trafford, Greater Manchester.
The scheme is being delivered by Glenbrook, with Domis Construction as main contractor.
Podium will bring 440 homes across four buildings and a central podium, with a mix of apartments and townhouses aimed at young professionals and families.
The first phase is due to complete in Q2 2026, with construction starting in Q1 2024.
GMPF’s investment has gone in through the Greater Manchester Property Venture Fund, advised by CBRE.
The development will include resident lounges, reception areas, co-working space, a gym, roof terrace, cycle storage, and a 200-space car park.
Communal green areas will be the largest of any build-to-rent scheme in Manchester.
Additionally, Moorfield and Glenbrook have agreed on a range of decarbonisation measures for construction and operation.
At least 95% of homes will get a minimum Energy Performance Certificate (EPC) B rating and net zero operational carbon is planned through full electrification.
Further steps include recycled building materials, cement replacements, photovoltaic roofing, electric vehicle charging points, and biodiversity net gain.
Podium sits within Lumina Village and forms part of Trafford’s 55-acre Civic Quarter masterplan, close to Manchester United’s Old Trafford football stadium and next to Old Trafford cricket ground.
The masterplan includes up to 4,000 new homes, public spaces, green areas, and over 500,000 square feet of mixed commercial space.
Charles Ferguson-Davie, co-CEO and chief investment officer at Moorfield Group, said: “Our joint venture with Greater Manchester Pension Fund sees us partner with a forward-thinking UK institutional investor who understand the long-term benefits high-quality purpose-built rental housing can bring to local communities and economies.
“This transaction enables us to recycle capital into other compelling opportunities we are seeing within UK living real estate.
“There is a long-standing structural demand-supply imbalance, and a need for new housing of different tenures and typologies.”
Eleanor Wills, chair of the GMPF and executive leader of administering authority (Tameside) said: “I am proud that the Greater Manchester Pension Fund, alongside Moorfield, GMCA and Trafford Council, is supporting the provision of high-quality mid-market rental housing in Greater Manchester.
“The strategy supports the government’s plan to provide much needed homes that are affordable to young families and those looking to get their first step on housing ladder, whilst enabling us to secure the pensions of our members.
“We look forward to welcoming the first residents to Podium early next year.”
Colin Thomasson, head of UK investment properties at CBRE, said: “Demand/supply dynamics within the wider UK housing market continue to position the build-to-rent sector favourably with both domestic and global institutional investors, and we are delighted to have played a pivotal role in the partnership between Moorfield and GMPF.”
