Select Property Group said it signed heads of terms on a joint venture partnership deal with the Greater Manchester Property Venture Fund (GMPVF) to deliver its £247 million Affinity Living private rented sector (PRS) scheme at the flagship £750 million Circle Square development in Manchester city centre.

The deal was announced at the MIPIM property conference in Cannes and will fund the development of the largest fully-funded PRS scheme in Manchester to date.

Construction is scheduled to start on the 677-unit site in August 2017.

Select Property Group CEO Mark Stott said: “I am delighted to announce this landmark deal for our Affinity Living brand which will cement the delivery of all residential components of the Circle Square scheme.

“Our unique, customer-led approach to the property market, alongside our proven operational model is hugely appealing to investment funds and we’re looking forward to working with GMPVF and updating the industry over the coming months.”

Circle Square is a joint venture partnership between Select Property Group and Bruntwood.