Lloyds-backed equity investor Housing Growth Partnership (HGP) has committed £13m to a joint venture with McGoff Group to deliver the new Downtown Victoria North build-to-rent (BTR) scheme in Manchester.
The development, which is situated on a former gasworks on Rochdale Road, will offer one-, two- and three-bedroom apartments and townhouses.
Construction work has already commenced and is scheduled to complete in late 2025. McGoff Construction is the main contractor and McGoff’s sister company, Downtown Asset Management, will operate the completed development.
John McKeon, investment director for HGP, said: “Our investment with McGoff highlights the role that equity funding plays in getting housing projects off the ground across the UK during a high interest rate environment. Downtown Victoria North promises to be an excellent scheme that will provide tenants with a high-quality place to live within walking distance from the city centre. McGoff have a great track record in the delivery and operation of schemes of this nature across the North West and we look forward to partnering with them on this and other developments.”
Chris McGoff, director at the McGoff Group, added: “We’re thrilled to have established a joint venture with Housing Growth Partnership, working with them to deliver Downtown Victoria North. The development is located in a superb part of Manchester city centre. Furthermore, the design and mix of properties within the scheme are excellent. We are confident this BTR scheme will prove popular with the discerning Manchester rental market.”
