Two new Build to Rent schemes are set to be built in Manchester and Liverpool after a deal was agreed between US real estate investor Heitman and developer Brickland.
The global property firm has purchased two sites and entered into an agreement with Brickland to provide forward funding for two residential developments in Liverpool and Manchester’s city centre.
The development in Manchester, which will consist of two towers of 16 and 19 storeys respectively, is set to create 363 one and two-bedroom homes, alongside a number of duplex and townhouse apartments. In addition, the Manchester scheme will include a resident lounge area, a gym, a library and co-working space.
The scheme is located close to the Cornbrook tram stop, which is found to the south-west of the city centre and not far from Old Trafford, Manchester United’s iconic ground, two of the city’s main train stations and Manchester Metropolitan University. Salford, home to MediaCityUK and The Lowry, is also a short walk away.
In Liverpool, meanwhile, the nine storey development – known as the Baltic Triangle – will consist of 200 residential units, made up of one to three-bedroom homes.
Build to Rent operator LIV Group is advising on the developments and will operate the assets once they are completed in 2020.
“This is a milestone for build-to-rent in these Northern Powerhouse cities,” Sam Rowlands, Brickland chief executive, said.
“We are bringing forward exemplar private rental schemes without cutting corners where rents will be affordable to the mass market.”
Tony Smedley, head of Heitman’s European private equity business, added: “We are delighted to complete this acquisition in partnership with LIV, a best-in-class operator and the experienced development team at Brickland.”
He said the purchase was consistent with Heitman’s strategy of ‘investing in undersupplied sectors, growing urban environments and amenity-rich schemes that also provide a sense of community’.
Graham Bates, chief executive at LIV Group, also commented on the proposed developments. “We are proud to have worked on the design of these superb developments from an early stage and to have successfully worked with Heitman who are a visionary investment team looking to make a mark in the UK build-to-rent sector,” he said.