McLaren Property has agreed a forward funding deal with Legal & General (L&G) to deliver the £160m Upper Brook Street purpose-built student accommodation (PBSA) scheme in Manchester.
The scheme will comprise two buildings of nine-storeys and 23-storeys offering 737 student beds (288 studios and 449 cluster bedrooms). The on-site amenity provision will include a community facility, café and new accessible public realm.
David Atherton, divisional managing director at McLaren Property, said: “This partnership represents a significant milestone for the project, the wider regeneration of the Upper Brook Street masterplan, and the student accommodation sector as a whole. This is a hugely positive outcome and demonstrates the availability of institutional capital for high quality student led assets, in prime locations.
“We are proud to partner with L&G and we are focused on delivering much-needed student accommodation and to continue to drive investment into Manchester. With the associated sci-tech floorspace now also under construction next door, we are fully on track to deliver positive change, help drive economic growth, through private investment and without the need for public funds.”
Adam Burney, head of BTR and PBSA at L&G, added: ‘We are excited to be working with McLaren to bring forward this high quality scheme, within the Upper Brook Street masterplan. This partnership reflects the momentum of our expanding PBSA student living platform, launched in 2024, with this project being the fourth asset acquired to date and the first being forward funded.
“PBSA forms part of our wider housing platform, where we have invested in excess of £5bn across BTR, PBSA, affordable housing and later living. Development forms a natural progression of the strategy, building on our experience in BTR, offering the ability to influence design and placemaking.”
CBRE acted on behalf of McLaren Property and MTRE represented L&G.
