GMPF grants £31.3m loan to Bolton and Halifax projects
The Greater Manchester Pension Fund’s loan offered direct financial support for two Placefirst developments.
Build-to-rent sites Deansgate Gardens in Bolton, and Cow Green in Halifax town centres were the recipients, with plans for 167 homes in Bolton and 122 homes for the latter.
Both projects will be all-electric, supported by solar panels and air-source heat pumps.
Construction has started on the sites, with completion expected in 2025.
They will offer cycle and EV parking spaces, and all units will have a minimum of EPC B.
The chair of GMPF Cllr Gerald Cooney, said: “We are proud to make this investment with Placefirst and support the government’s plan to provide much-needed affordable homes for hardworking families whilst delivering strong low risk returns to pay the pensions of our hardworking members.”
David Mawson, chief executive for Placefirst, said: “This GMPF loan is a testament to the social and economic benefits our developments have been proven to deliver for local communities.”
CBRE’s lending team advised the fund, it’s second deal.
Will Church, executive director of CBRE, said: “This loan will contribute to the essential housing needed in the region, while adding real socio-economic benefits to Bolton and Halifax town centres.
“We remain interested in supporting further development across all main asset classes with loans that have appropriate risk-adjusted characteristics and, crucially, which bring regeneration to the region.”
Deansgate Gardens
The Bolton project received £22.6m for the continued delivery of 167 one-and two-bedroom homes across a 2.7-acre brownfield site.
With a gross development value of £35m, Caddick Construction began work on the Central Street project in early 2023.
The development sits in a prime position in the centre of Bolton, five minutes away from the train station, where Manchester can be reached in 12 minutes.
On completion, the site will offer around 5,000 sq ft of commercial space on the ground floor, while communal green areas and a new public square will be landscaped in.
The deliverance of high quality, sustainable homes for long-term private rent will not include affordable housing provisions, due to viability concerns.
Designed by architect Levitt Bernstein and landscape architect CW Studio, the site will put emphasis on pedestrian-friendly living.
Cow Green will provide 122 homes. Credit: JM Architects
Cow Green
Halifax’s Cow Green project was lent £8.75m to transform a multi-storey car park into 122 one-and two-bedroom units, as well as communal recreation spaces.
The site extends across 0.8 acres and is currently an open-air 72-space car park.
Planning documents state that the site would not be viable if it adhered to the affordable housing requirements.
The Cow Green was designed by JM Architects.
Post-construction, Placefirst will remain on the site and be responsible for managing the neighbourhood.
Included in the project’s team are: Walker Sime, Roscoe, Maddox Planning, DEP Landscape and TACE.
