Prosperity Capital Partners has appointed agents to sell its Cream of Manchester build-to-rent development at the former Boddingtons Brewery site for £100m.
It has enlisted Avison Young and MTRE to secure a buyer for the 375-home scheme at Old Brewery Gardens in Manchester city centre.
Buyers also have the option to acquire a further 181 flats currently allocated for market sale to switch out for BTR, bringing the total investment opportunity to £150m.
The BTR portion is projecting a net initial yield of 4.65%.
Cream of Manchester is located at New Bridge Street and Dutton Street opposite Manchester Arena and Victoria Station.
It comprises 349 rental flats and 26 townhouses built around a 28,000 sq ft communal garden and 15,500 sq ft of commercial space, two private roof terraces and 112 allotment plots.
The BTR portion is spread over four buildings rising up to a maximum of 15 storeys. The market-sale element rises to 26 storeys in a single separate tower.
Ed Fowkes, chief operating officer at PCP, said: “The development responds to Manchester’s heritage and demand from the people. It uses red brick and offers a variety of homes, with family housing and shared spaces to enable long-term relationships, which will in turn provide returns for investors.”
Richard Stonehouse, head of residential investment at Avison Young, said: “Cream represents one of the most thoughtfully conceived BTR schemes in Manchester, providing an array of quality amenity that will appeal to a broad demographic in a superb location.”
Michael Toone, founder of MTRE, added: “Cream of Manchester differentiates itself from the rest of the market as a low-rise, lateral scheme with a high provision of community amenity space at the right price point.”
Manchester’s Boddington Brewery was operational from 1778 to 2005. Dublin-developer PCP acquired a 3.4-acre chunk of the site in 2018 as its first regional BTR development.
PCP has 1,700 BTR and student accommodation units completed and in its pipeline, with plans to deliver more than 10,000 across the UK and Ireland over the next decade.
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