UK: Lloyds Banking Group-backed Housing Growth Partnership (HGP) has joined Puma Property Finance in financing McGoff’s Downtown Victoria North scheme.
HGP has invested £13 million into the 237-unit scheme, which is located within the £4.5 billion Victoria North regeneration area.
“Our investment with McGoff highlights the role that equity funding plays in getting housing projects off the ground across the UK during a high-interest rate environment,” said John McKeon, investment director at HGP.
“Downtown Victoria North promises to be an excellent scheme that will provide tenants with a high-quality place to live within walking distance from the city centre. McGoff has a great track record in the delivery and operation of schemes of this nature across the North West and we look forward to partnering with them on this and other developments.”
Designed by Jon Matthews Architects, Downtown Victoria North comprises 77 one-bedroom flats, 149 two-bedroom apartments, and 11 three-bedroom homes. The apartments are spread across two blocks, the tallest of which is 13 storeys and the shorter being 11 storeys.
Chris McGoff, director at the McGoff Group, adds: “We’re thrilled to have established a joint venture with Housing Growth Partnership, working with them to deliver Downtown Victoria North. The development is located in a superb part of Manchester city centre. Furthermore, the design and mix of properties within the scheme are excellent. We are confident this BTR scheme will prove popular with the discerning Manchester rental market.”
The HGP funding deal follows McGoff securing a £50 million facility from Puma Property Finance in July.
The scheme will be managed by Downtown Asset Management, McGoff’s BTR operations arm.
