MIPIM 2017 :Select and GMPVF sign terms for largest PRS scheme in Manchester
Select Property Group has announced it has signed heads of terms on a joint-venture partnership deal with the Greater Manchester Property Venture Fund (GMPVF) to deliver its £247million Affinity Living PRS scheme at Circle Square.
The deal was announced at MIPIM and will fund the development of the largest fully funded PRS scheme in Manchester to date. Heads of terms have been signed and approved by both boards and construction is scheduled to start on the 677-unit site in August 2017.
The announcement marks a major step forward for the PRS market in the UK and a significant milestone for the development of Manchester.
Talking about the deal, CEO of Select Property Group, Mark Stott, said:
“I am delighted to announce this landmark deal for our Affinity Living brand which will cement the delivery of all residential components of the Circle Square scheme.
“Our unique, customer-led approach to the property market, alongside our proven operational model is hugely appealing to investment funds and we’re looking forward to working with GMPVF and updating the industry over the coming months.”
Using its experience of creating award-winning property brands that redefine the markets they operate in, Select believes Affinity Living will be the holistic solution that the UK’s private rented sector urgently requires.
Its Circle Square scheme is split across two buildings and comprises of 677 apartments and 1500 sqm of usable amenity space. This includes shared lounge areas, co-working spaces, supersized gyms and private entertaining spaces.
Set to reshape Manchester’s cultural and business scene, Circle Square is a £750m development in the heart of Manchester City Centre. The scheme is a joint venture partnership between Select Property Group and Bruntwood. This collaborative and connected space at the heart of Corridor Manchester, will be surrounded by world leading centres of knowledge, science and technology, business, art, music and dance.
The announcement comes at a pivotal period of growth for Affinity Living as the ambitious brand is scheduled to deliver over 1800 apartments in Manchester over the next three years with a combined GDV of £644m.
As well as its three landmark sites in Manchester, Riverside/Riverview (next to the Lowry Hotel), Embankment West (part of the Greengate regeneration scheme) and Circle Square (on Oxford Road), Select is also considering further sites across the UK as well as in Dubai.
Source: Select Property Group