Legal & General has launched its second investment in the build-to-rent market with the first purpose-built PRS scheme in Manchester.
The £16m scheme will be a joint venture between Muse Developments, the Homes and Communities Agency and Legal & General Capital, under the banner of English Cities Fund (ECf).
It will be a 90-home scheme in the New Bailey development on the border of Salford and Manchester.
The properties will be one-, two- and three-flats and are due for completion in 18 months.
Finance for the development will be provided by Legal & General.
Laura Mason, director of investments at Legal & General Capital, said: “In developing New Bailey, ECf is linking up with wider regeneration activities and successfully establishing a new business destination for the city.
“The scheme features a 143-bed Premier Inn and a 615-space NCP car park, both of which are complete and fully open to the public. One New Bailey, a 125,000 sq ft office development (pictured above) is also currently under construction and due to complete in May 2016.
“The development will ultimately include a vibrant mix of cafes, bars and restaurants, as well as enhanced public realm to the exterior in the form of a new public square, extensive landscaping and an outdoor events space.”
