In a significant move to address the housing crisis, Greater Manchester Pension Fund (GMPF) has provided a substantial loan of £31.3 million to support the development of two Build to Rent (BTR) housing schemes in Bolton and Halifax town centres.
The loan, provided to the developer-operator Placefirst, a prominent entity in the North of England, will fund two vital housing projects. The Bolton scheme will receive £22.6 million, facilitating the creation of 167 one and two-bedroom units on a 1.1-hectare brownfield site. In addition to residential units, this project will also include approximately 5,000 square feet of commercial space, communal green areas, and a new public square.
Meanwhile, the Halifax project has been allocated £8.75 million to transform a former multi-storey car park into 122 one and two-bedroom units. This development focuses on sustainability and high-quality living standards, incorporating a communal recreation space for residents. Both projects aim to offer affordable rental housing in priority regeneration areas, driving investment into these town centres.
Each development will be all-electric, supported by photovoltaic panels and air source heat pumps, and will provide cycle and electric vehicle parking spaces. All units are designed to meet a minimum energy performance certificate (EPC) rating of B. This comprehensive approach ensures that the housing meets modern sustainability standards and addresses environmental concerns.
Cllr Ged Cooney, Chair of GMPF and leader of Tameside Council, remarked on the depth of the national housing crisis, citing issues such as homeless children in temporary accommodation and the growing social housing waiting lists. He stated, “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.”
Will Church, Executive Director at CBRE, commented on the strategic deployment of debt from their capital pool into the North West, highlighting the socio-economic benefits these two loans will bring to Bolton and Halifax town centres. He emphasized the interest in supporting further development across various asset classes with appropriate risk-adjusted loans that regenerate the region.
David Mawson, Chief Executive of Placefirst, underlined the commitment to addressing housing shortages by delivering high-quality rental homes in prime locations. He noted that these brownfield developments will revitalize potential-rich neighbourhoods, providing well-connected homes that set a new standard for rental living. Mawson stressed the long-term partnership with residents and communities, which is integral to Placefirst’s people-focused approach from design to operation.
Both housing schemes are currently under construction and are expected to reach practical completion in 2025. Upon completion, Placefirst will continue to manage the developments, ensuring comprehensive neighbourhood services through dedicated resident services managers.
These initiatives mark a significant step towards alleviating the housing crisis in the North of England, providing sustainable and affordable rental housing while promoting local economic growth.