Moorfield Group has entered into a joint venture with Greater Manchester Pension Fund (GMPF) to develop, own and operate a 440-home build-to-rent (BTR) asset in Trafford, Greater Manchester.
The £120m GDV Podium scheme is being delivered by developer Glenbrook and main contractor Domis Construction. The first phase is due to complete in Q2 2026 following a start on-site in Q1 2024 as part of a forward-funding agreement between Glenbrook and Moorfield.
The homes will be arranged across four buildings and a central podium, with a range of housing types available, including apartments and townhouses.
The on-site amenity provision will include resident lounges, reception areas, co-working space, a gym and studio, roof terrace, cycle storage and a 200-space car park.
Charles Ferguson-Davie, co-CEO and chief investment officer of 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 Greater Manchester Pension Fund and executive leader of administering authority (Tameside), added: “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.”
The investment by GMPF into Podium was completed through the Greater Manchester Property Venture Fund, which is advised by CBRE.
