Manchester Podium to deliver 440 rental homes

Moorfield Group and the Greater Manchester Pension Fund (GMPF) have entered into a joint venture to deliver a major £120 million build-to-rent (BTR) development in Trafford, Greater Manchester. The scheme, named Podium, will deliver 440 rental homes and forms part of the wider Civic Quarter regeneration masterplan.

The project is being delivered by developer Glenbrook and main contractor Domis Construction, with funding structured as a forward funding agreement through Moorfield Real Estate Fund V (MREFV). Construction began in Q1 2024, and the first phase is expected to complete in Q2 2026.

The Podium development will comprise four residential buildings arranged around a central podium and include a mix of apartments and townhouses targeted at young professionals and families. Residents will benefit from a comprehensive suite of on-site amenities, including communal lounges, co-working spaces, reception areas, a gym and fitness studio, roof terrace, landscaped communal green space, secure cycle storage, and a 200-space car park. The green space is expected to be the largest of any BTR scheme in Manchester.

The investment by GMPF was made via the Greater Manchester Property Venture Fund, advised by CBRE. The scheme reflects GMPF’s broader commitment to funding residential development across the region, including a £100 million commitment to Legal & General’s Affordable Housing Fund and a joint venture with Manchester City Council to deliver 1,600 affordable homes.

As part of an ESG-linked development agreement, the project incorporates a range of sustainability features. More than 95% of the homes are set to achieve a minimum EPC B rating, and the scheme will operate at net zero carbon through full electrification. Additional measures include the use of low-carbon materials, photovoltaic panels, electric vehicle charging points, and biodiversity enhancements.

Podium is located within Lumina Village, itself a key component of the Trafford Civic Quarter masterplan. The 55-acre regeneration project includes plans for up to 4,000 new homes, new public spaces, and more than 500,000 sq ft of commercial space. The site is near Manchester United’s Old Trafford stadium and the adjacent cricket ground.

This marks Moorfield’s third BTR investment in Greater Manchester, following its delivery and successful exits from The Trilogy in Castlefield and Duet in Salford Quays.

Charles Ferguson-Davie, Co-CEO & Chief Investment Officer at Moorfield Group, said the partnership with GMPF aligns institutional capital with long-term community benefit. “This transaction enables us to recycle capital into other compelling opportunities we are seeing within UK living real estate,” he said.

Cllr Eleanor Wills, Chair of GMPF, highlighted the scheme’s role in delivering mid-market rental housing for young families and first-time renters while supporting pension fund growth. “We look forward to welcoming the first residents to Podium early next year,” she said.

Colin Thomasson, Head of UK Investment Properties at CBRE, added: “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.”