UK real estate developer Glenbrook has secured £170 mln (€199 mln) in funding for a new residential project near Manchester’s historic Old Trafford cricket ground.
Located on a former brownfield site, the 60,387 m2 Lumina Village housing scheme will consist of 639 new homes.
Moorfield will fund the BTR segment, consisting of 440 apartments and townhouses with a gross development value of £120 mln (€141 mln).
For its part, Clarion Housing Group has earmarked £49.1 mln (€58 mln) to deliver 199 affordable apartments and townhouses, through shared ownership and social rent.
Ian Sherry, director at Glenbrook, commented: ‘The Old Trafford area of Greater Manchester is at the start of a huge transformation and is attracting new investment and people to the area. This funding and development will offer a mix of much needed housing types and tenures and is a significant step in unlocking the wider redevelopment of Trafford’s Civic Quarter.’
Charles Ferguson-Davie, CIO, Moorfield Group, added: ‘Lumina Village is a fantastic asset in one of the UK’s most attractive BTR markets, and the next in our strong relationship with Glenbrook, whose expertise we value enormously. Our early BTR investments performed well and we are now excited to be getting back into the subsector, having been priced out for a number of years and having sold all of our projects between 2018 and 2022. We think the residential sector continues to offer opportunity, driven by an acute supply and demand imbalance, and the opportunity to provide a far better offering in the market place.’
Richard Cook, group director of development at Clarion Housing Group, commented: ‘The agreement with Homes England and the Greater Manchester Combined Authority reflects our commitment to providing affordable housing options in Greater Manchester. Clarion is dedicated to providing affordable homes that will contribute to Manchester’s diverse and inclusive community.’
The project will include 2.2 hectares of public space, including a central village green, civic squares, boulevards, play streets, and ground-floor retail units facing the iconic Old Trafford Cricket Ground.
A pedestrian-friendly design with on-site parking will prioritize walkability and reduce environmental impact.
Construction work will last 32 months, with Domis Construction appointed to build the 440-home BTR scheme and much of the public realm, with Caddick Construction delivering 199 homes and associated public spaces.
Grants have been provided by Homes England for the delivery of 103 of the affordable homes and by the Greater Manchester Combined Authority (GMCA) for the wider scheme.
The residential offering forms the larger part of the wider Lumina Village mixed-use development, which is a joint venture partnership between Trafford Council and Bruntwood.
