Far East Consortium has launched a search for an investment partner to back its build-to-rent development at the £4bn Victoria North site in Manchester.
The developer, known for its luxury high-rise flats, aims to provide 1,500 BTR homes at the 5,500-home Red Bank neighbourhood regeneration (pictured).
FEC is consulting plans for Red Bank ahead of a planning application. It will be the first BTR scheme for the Hong Kong-listed developer.
L&Q’s Trafford Housing Trust, Great Places Housing Group and The Guinness Partnership will deliver 800 affordable homes at this part of the site. FEC has agreed that L&Q will provide 20% of the homes in the first phase of Red Bank. There will also be private-sale flats.
Victoria North is a 15,000-home neighbourhood from joint venture partners FEC and Manchester City Council.
Tom Pool, senior development manager at FEC, said: “Victoria North will play a leading role in Manchester’s housing strategy in the next decade, so it’s important that we deliver a mix of high-quality homes as we look to support a diverse and cohesive community that will eventually be home to 40,000 people.
“That means offering the people of Manchester a range of options, from the city’s young professionals to families and downsizers. Working with an ambitious investment partner, who shares our vision for delivering vibrant and sustainable neighbourhoods, will strengthen our ability to do so at pace.”
Piers de Winton, director at Savills operational capital markets, added: “Victoria North will be one of the first projects to diversify the private rental offer at scale, delivering the high-quality, lower-density suburban models that renters desire but cannot obtain in the city centre.”
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