Manchester-based property and investment company Glenbrook has entered into a joint venture with Barings Real Estate, part of Barings LLC, one of the world’s largest diversified real estate investment managers to acquire and develop a site in Cornbrook, Manchester to deliver a £57million 280-unit BTR scheme.
This deal marks the second BTR scheme acquired by Barings in the UK, following its acquisition of The Keel, on Liverpool’s
Waterfront, where Glenbrook will continue to act as development partner.
Upon completion, the property in Cornbrook will consist of 280 apartments, including 93 one-bed, 172 two-bed, and 15 three-bed unites, across two 14-story buildings designed by Sheppard Robson. The scheme has been designed for the rental market, and will include a resident’s lounge and gardens together with a gym and yoga studio all located on the top-floor of the development. A convenience retail store will be located on the ground floor. The property is adjacent to Cornbrook Metrolink Station, one of the busiest metro stations in the city, with direct access to Manchester City Centre, MediaCityUK, Manchester Airport, and the Etihad Campus. Contractor Graham Construction commenced works in August 2018 with completion expected for October 2020.
Ian Sherry, director at Glenbrook added, “Glenbrook are pleased to be continuing our development of BTR accommodation in the region having almost 1,000 homes under construction in the North West with a similar number due to start on site next year. Barings’ investment requirements for this sector and Glenbrook’s proven ability to identify and execute these transactions was a natural fit and we look forward to developing this partnership further”.
Darren Hutchinson, Barings Managing Director and Head of U.K. Real Estate Transactions, said, “Cornbrook is an especially attractive opportunity for Barings to continue our relationship with Glenbrook in the thriving centre of Manchester, and represents our second significant current development in the city following on the heels of Landmark, St Peter’s Square. Cornbrook is one of two major commitments to the sector this year and reflects a growing appetite for institutional investors to address the structural imbalances created by decades of undersupply in residential housing, declining average household sizes, and a significant increase in the number of people renting. Glenbrook’s experience and track-record of developing schemes for institutions makes it an increasingly attractive partnership as we look to grow in this region and sector.”
The investment is on behalf of a North American institutional investor.