UK: BTR provider Sigma Capital Group has forward-funded Kellen Homes’ redevelopment of the 13-acre former Olympic Freight depot on Bennett Street in West Gorton, Manchester.
Called The Gateway, the development will feature 172 houses and 100 apartments, which will be managed under Sigma’s Simple Life rental brand.
Jason Berry, regional managing director at Sigma, said: “This scheme will deliver high-quality, professionally-managed rental homes in an area that is facing undersupply of attainable, family homes. We are focused on our legacy of regeneration, and we are delighted to be able to deliver this important project.”
Kellen Homes secured planning consent for the West Gorton scheme in March. This followed the withdrawal of an earlier and larger scheme drawn up by Sheffield-based Ascena Developments.
The development has a GDV of £80 million, according to a viability report by Northern Land Agency.
Kellen Homes chief executive Ian Kelley said: “We will be providing quality new homes for local people, a community centre, creating new jobs, and public green space for everyone to enjoy and benefit from. Kellen builds communities through carefully designed homes and neighbourhoods, and I am delighted that we can bring this investment into Manchester.”
