UK: Developer McGoff Group has secured a £50 million loan from Puma Property Finance for Downtown Victoria North, a 237-unit BTR scheme off Manchester’s Rochdale Road.
The loan is the largest to date for Puma Property Finance and is the eighth deal between Puma and McGoff.
Puma director Tony Throp said: “The imbalance between supply and demand in the UK rental market is well known, with many people having to push back home ownership aspirations because of higher interest rates and unaffordable property prices, and private landlords also leaving the market. Meanwhile renters are desiring higher standards of living than previously. The BTR sector therefore has a critical role to play in bridging this gap.”
Chris McGoff, director at the McGoff Group, said: “The Puma team demonstrated great flexibility in a tight timeline to deliver this deal, and we look forward to continuing to work with them throughout this development and in the future.”
Downtown Victoria North, which is that is currently under construction, will deliver 77 one-bedroom units, 149 two-bedroom apartments, and 11 three-bedroom homes. The apartments are spread over two blocks, of 13 and 11 storeys. It was was designed by Jon Matthews Architects and also includes a resident gym, lounge, and underground parking. Construction is expected to finish in early 2026.
Part of Manchester City Council’s Victoria North Strategic Regeneration Framework, the new development, will be part of the McGoff Group’s Downtown brand. Downtown Asset Management will maintain ownership and manage rental lettings for the development.
