UK: Moorfield Group has entered into its fourth development agreement with Glenbrook to forward-fund a £120 million GDV BTR development at Lumina Village in Trafford, Manchester.
Acquiring the site with full planning consent, Moorfield and Glenbrook will deliver 440 BTR homes. An additional 199 units as shared ownership and affordable housing tenures are also being delivered at Lumina Village by Glenbrook on behalf of Clarion Housing Group.
The scheme will be set across four buildings and a central podium, with residential accommodation including apartments and townhouses, which will be aimed at young professionals and families.
Ground and podium level amenities at Lumina Village include resident lounges, reception areas, coworking space, a gym and studio, roof terrace, cycle storage and a 200 space car park. The scheme is expected to complete in 2026.
A range of decarbonisation initiatives at the construction and operational stages are planned as part of an ESG-linked development agreement between Moorfield and Glenbrook. At least 95 per cent of homes will attain a minimum EPC B rating. Net zero operational carbon will also be achieved through a full electrification of the scheme. Further measures include the use of cement replacements and other recycled building materials, installation of photovoltaic roofing and electric vehicle charging points, and biodiversity net gain.
Lumina Village is the fourth BTR development by Moorfield and Glenbrook, and its third in Manchester. Once this scheme completes, the partnership will have delivered over 1,000 homes.
Previous partnerships included The Keel in Liverpool, which was sold in 2018, The Trilogy in Manchester which was sold in 2021, and Duet in Salford Quays, Greater Manchester, which was sold in 2022.
Ian Sherry, director at Glenbrook, said: “Reaching this funding milestone at Lumina and our fourth Build to Rent funding deal with Moorfield is a huge accomplishment for all those involved. When completed, the scheme will deliver much needed rental housing in an excellent, well-connected location. Construction has already commenced, and we look forward to updating as the development progresses. Lumina Village is a fantastic asset in one of the UK’s most attractive Build to Rent markets, and the next in our strong relationship with Glenbrook, whose expertise we value enormously.
Charles Ferguson-Davie, CIO at Moorfield Group, said: “Our early Build to Rent investments performed well and we are now excited to be getting back into the subsector, having been priced out for a number of years and having sold all of our previous projects. We have delivered some of the UK’s best, market-leading schemes; Duet being the highest ranked UK Build to Rent investment at one point, and we look forward to this new investment now delivering the next stage in design and customer service that will make it fit for purpose for future demand. We think the residential sector continues to offer opportunity, driven by an acute supply and demand imbalance, and the opportunity to provide a far better offering in the market place.”
Shoosmiths, Quartz and CBRE advised Moorfield on the transaction.
