McLaren secures funding for 737-bed student scheme in Manchester
Funding deal with L&G opens way to £160 million Upper Brook Street project
17 December 2025
McLaren Property has secured a forward funding deal with Legal & General (L&G) to deliver a 737-bed purpose-built student accommodation (PBSA) scheme at Upper Brook Street in Manchester, valued at £160 million.
The development, covering approximately 272,854 sq ft across two buildings of nine and 23 storeys, forms part of the wider Upper Brook Street masterplan. Located just south-east of the city centre, near the University of Manchester, the site sits within the Oxford Road Corridor, a key academic and research district.
The scheme will offer 288 studio units and 449 cluster bedrooms and is scheduled for completion in time for the 2028-2029 academic year. It will also include a community facility, a café, and accessible public realm improvements featuring new tree planting and landscaped areas. Sustainability targets include BREEAM Excellent, EPC A, and Platinum Wired Score ratings.
The forward funding deal marks the fourth asset acquired through L&G’s Student Living Platform and the first delivered through forward funding. Adam Burney, Head of BTR & PBSA at L&G, said the scheme reflects "the momentum of our expanding platform" and aligns with the investor's wider residential investment strategy.
David Atherton, divisional managing director at McLaren Property, said the partnership demonstrates the continued availability of institutional capital for high-quality student schemes in prime locations. He added that the project supports broader regeneration plans for Upper Brook Street and contributes to economic growth through private investment.
The student scheme sits adjacent to a 216,000 sq ft science and technology building currently under development by Kadans Science Partner as part of the masterplan. CBRE and Addleshaw Goddard acted for McLaren Property, while MTRE advised L&G.