Housing Growth Partnership (HGP), the Lloyds Banking Group-backed UK housing equity investor, has committed £13m (€15.2m) to a joint venture with McGoff Group to deliver a 237-unit build-to-rent (BTR) scheme in Manchester.
HGP has made the investment to help develop the Downtown Victoria North project – comprising one, two, and three-bedroom apartments and townhouses – scheduled to complete in late 2025.
John McKeon, investment director for HGP, said: “Our investment with McGoff highlights the role that equity funding plays in getting housing projects off the ground across the UK during a high-interest-rate environment.
“Downtown Victoria North promises to be an excellent scheme that will provide tenants with a high-quality place to live within walking distance from the city centre.”
This project represents McGoff’s second Manchester city centre development following the completion of its 374-unit Downtown development on the banks of the river Irwell in Salford in 2020.
Chris McGoff, director at the McGoff Group, said: “We’re thrilled to have established a joint venture with Housing Growth Partnership, working with them to deliver Downtown Victoria North.
“The development is located in a superb part of Manchester city centre. Furthermore, the design and mix of properties within the scheme are excellent. We are confident this BTR scheme will prove popular with the discerning Manchester rental market.”
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