London-based real estate fund manager Moorfield Group said it has, on behalf of Moorfield Real Estate Fund V (MREFV), entered a joint venture with Greater Manchester Pension Fund (GMPF) to develop, own and operate Podium, a 440-home build-to-rent (BTR) asset in Trafford, Greater Manchester.
The investment by Greater Manchester Pension Fund into Podium has been completed through the Greater Manchester Property Venture Fund, which is advised by CBRE.
Podium, a £120 million gross development value (GDV) scheme, is being delivered by developer Glenbrook and main contractor Domis Construction. The first phase is due to complete in Q2 of 2026 following a start on-site in Q1 of 2024 as part of a forward funding agreement between Glenbrook and Moorfield.
“The 440 homes will be arranged across four buildings and a central podium, with a range of housing types available, including apartments and townhouses aimed at young professionals and families,” said Moorfield.
“All residents will have access to ground and podium-level amenities; resident lounges, reception areas, co-working space, a gym and studio, roof terrace, cycle storage and a 200-space car park. Communal landscaped green areas will be the largest of any BTR development in Manchester.
“A range of decarbonisation initiatives at the construction and operational stages are planned as part of an ESG-linked development agreement between Moorfield and Glenbrook.
“At least 95% of homes will attain a minimum EPC B rating and net zero operational carbon will be achieved through a full electrification of the scheme. Further measures include the use of cement replacements and other recycled building materials, installation of photovoltaic roofing and electric vehicle charging points, and biodiversity net gain.
“Podium, which is within Lumina Village, also forms part of the Trafford’s 55-acre Civic Quarter masterplan, which is close to Manchester United’s Old Trafford football stadium and adjacent to the Old Trafford cricket stadium. The masterplan will see up to 4,000 new homes delivered alongside new public realm, green space and over 500,000 sq. ft. of mixed commercial space.
“Podium represents Moorfield’s third BTR investment in Manchester, with previous investments including The Trilogy in Castlefield (sold in 2021) and Duet in Salford Quays (sold in 2022), which were part 1,000+ home BTR portfolio assembled between 2012 and 2017.
“GMPF is committed to funding new housing across the Greater Manchester region, with notable announcements including a £100m commitment to Legal & General’s Affordable Housing Fund and the recent joint venture with Manchester City Council’s housing company, This City, to deliver 1,600 affordable homes across the City of Manchester.”
Charles Ferguson-Davie, Co-CEO & Chief Investment Officer, 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.”
Cllr Eleanor Wills, Chair of the Greater Manchester Pension Fund and Executive Leader of Administering Authority (Tameside) said: “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.”