Build-to-rent development in central Manchester

£47m for a 237-unit Build-to-Rent development in central Manchester

£47 m


JUNE 2023

Northweast England




Development loan




The Rochdale Road development, located close to Manchester’s main shopping area and the Northern Quarter, will see the creation of 77 one-bedroom, 149 two-bedroom and 11 three-bedroom apartments. Construction is already underway and is expected to be completed in early 2026.

The development will be the eighth with the McGoff Group, and will provide much-needed rental supply in the area, as the sector struggles to keep up with huge levels of tenant demand amid intensifying mortgage affordability pressures and the continued exodus of private landlords from the market. According to RICS’ most recent UK residential market survey, tenant demand has risen +44%, while landlord instructions have fallen -23%, resulting in an acute lack of available rental accommodation options.

The loan is one of Puma's (Puma Heritage Ltd) largest loans and is a clear illustration of our ongoing belief in the long-term strength of the UK Build-to-Rent and co-living markets. Alongside the development loan, we are also providing a stabilisation facility to support the bringing of the asset to maturity post-completion.