Glenbrook has signed two funding agreements, totalling £170m, which will see the delivery of a housing scheme at Lumina Village in Old Trafford, Greater Manchester.
Moorfield will fund the build-to-rent element of the scheme, which has a gross development value of £120m. It will comprise 440 homes across blocks of flats and townhouses.
Clarion Housing Group has agreed to deliver 199 affordable homes, offering shared-ownership and social rent options. This part of the development has an estimated cost of £49.1m.
In addition, Homes England has supported the delivery of 103 of the affordable homes through a grant from its Affordable Homes Programme, and the Greater Manchester Combined Authority has supported the delivery of the wider scheme through a grant from its brownfield housing programme.
Lumina Village is a mixed-use development, comprising 650,000 sq ft of commercial space and 639 homes, being brought forward by a joint venture partnership between Trafford Council and Bruntwood.
After acquiring the site in 2019, the partners have already redeveloped Valo, the former Kellogg’s HQ office building, which is now fully leased to UA92, Shockout and Microsoft.
In addition, the scheme will provide 5.4 acres of public realm around a village green, civic square, boulevard, play streets, and ground-floor retail facilities facing Old Trafford cricket ground.
The scheme will be pedestrian-friendly with all parking contained within a two-storey residents’ car park.
The residential part of the scheme is expected to be delivered over the next 32 months. Domis Construction was appointed to build the 440-home BTR scheme and a large proportion of the public realm, with Caddick Construction delivering 199 homes and associated public spaces.
Ian Sherry, director at Glenbrook, said: “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 housing types and tenures and is a step in unlocking the wider redevelopment of Trafford’s Civic Quarter.”
CBRE Manchester Investment Properties acted for Moorfield on the purchase.
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