Vista, the UK residential property fund established by Countrywide and Hermes Investment Management, has agreed to the forward purchase of the first phase of the Manchester Waters build-to-rent scheme.
The investment volume for the Manchester scheme sold by Rowlinson Constructions came to £23 mln (€29 mln).
Manchester Waters is a 164-unit build-to-rent scheme totalling 8,970 m2, located on the southwest fringe of central Manchester. Rowlinson Constructions will develop the scheme on the site acquired on a long leasehold from Peel Land & Property.
Manchester Waters is Vista’s second largest PRS scheme following the forward purchase of Baltic Village in Liverpool, which exchanged last year. This phase at Manchester Waters will be the first scheme to be developed at Pomona Island, which is located on the southwest fringe of central Manchester, and situated within one of the city’s burgeoning residential urban villages. The site has excellent Metro and transport connectivity to MediaCityUK in Salford Quays and the city centre. Work on the development started in April 2016.
Law firm Winckworth Sherwood advised Vista. Trowers & Hamlins advised Rowlinson Constructions and Land Law acted for Peel.
