£55m homes schemes revealed
A £55m deal to deliver almost 800 homes for private rent in Manchester has been unveiled by housing minister Brandon Lewis.
Developers Renaker will receive the cash from the Homes and Communities Agency (HCA)to build 779 homes across two sites in the city.
The company will put £35.1m towards 497 homes at Greengate in Salford and a further £20.2m on 282 more at Cambridge Street, at the heart of Manchester’s new cultural quarter
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Each development will feature a mixture of one, two and three-bedroom properties.
Work is already underway on both of the schemes, and is expected to be completed by the middle of next year.
The new developments are part of the Government’s £1bn Build to Rent programme, which is designed to help developers to build large-scale, quality homes specifically for the private rented sector.
They are the latest in a line of Build to Rent schemes to be announced in Manchester. Others include Moda Living’s scheme to build a 30-storey tower with 450 apartments at The Co-operative Group and Hermes Real Estate’s Noma development in Manchester and the first phase of Manchester City Council’s collaboration with Abu Dhabi United Group which will see 830 rental homes built in the east of the city. The joint venture agreement will deliver 6,000 new homes in the city over the next 10 years, and work is due to begin this year.
“Millions of people use the flexible option of renting so I’m determined to create a bigger, better private rental market offering greater choice for tenants,” said Mr Lewis.
Karl Tupling, North West executive director of the Homes and Communities Agency (HCA), said: “This major investment into Manchester’s private rented sector is fantastic news for the city.
“It is a clear demonstration of the HCA continuing to work closely with its partners to increase the availability of quality rented accommodation, and will help the city to meet its target of creating 55,000 much-needed new homes by 2027.”
Renaker director Daren Whitaker said each of the two schemes had been meticulously planned and designed to deliver new and highly aspiration places to live.
“Construction is progressing on both sites to schedule,” he said.
