Greater Manchester Pension Fund Backs Affordable Housing in Northern England
In a move to address the housing crisis and spur regeneration in the North of England, the Greater Manchester Pension Fund (GMPF) has provided a £31.3 million loan to Placefirst, an award-winning developer and operator of single-family rental and build-to-rent properties across the region.
The loan, advised by CBRE’s Lending team, will be split between two Build to Rent (BTR) schemes in the town centers of Bolton and Halifax, delivering much-needed affordable housing and catalyzing investment in these priority regeneration areas.
Bolton Project: A Brownfield Transformation
In Bolton, £22.6 million will go toward the development of 167 one and two-bedroom units on a 1.1-hectare brownfield site. The project will not only provide high-quality rental housing but also offer around 5,000 square feet of commercial space on the ground floor, communal green areas, and a new public square within the scheme.
Halifax Car Park Conversion
The transformation of a former multi-story car park in Halifax will receive £8.75 million to enable the development of 122 one and two-bedroom units, along with a communal recreation space for residents. This project aims to create sustainable, high-quality rental homes in the heart of the town.
Sustainable and Affordable Living
Both developments will prioritize sustainability, with each unit meeting a minimum Energy Performance Certificate (EPC) rating of B. The all-electric buildings will be partly supported by photovoltaic panels and air source heat pumps, and will offer cycle and EV parking spaces.
Addressing the Housing Crisis
Cllr Gerald Cooney, Chair of GMPF, emphasized the importance of this investment in addressing the nation’s housing crisis. “We see it as we place record numbers of homeless children in temporary accommodation; as we grapple with waiting lists for social housing getting longer and longer; and younger residents are priced out of home ownership,” he said. “That’s why 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.”
Regeneration and Economic Benefits
Will Church, Executive Director at CBRE, highlighted the socio-economic benefits of the projects. “This loan will contribute to the essential housing needed in the region, while adding real socio-economic benefits to Bolton and Halifax town centres,” he said. “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.”
Long-term Community Impact
David Mawson, chief executive of Placefirst, emphasized the company’s commitment to addressing housing shortages and revitalizing neighborhoods. “Through these brownfield developments, Placefirst will revitalise neighbourhoods that have been bursting with potential, leaving behind well-connected homes that offer communities a new standard for rental living,” he said.
Mawson also highlighted Placefirst’s long-term approach as developers and operators, stating, “We are long-term partners with our residents and the communities we build in which is why we’re people-focused from design to operation. This GMPF loan is a testament to the social and economic benefits our developments have been proven to deliver for local communities. From encouraging wider investment into the area to helping communities connect, our developments offer long-standing value.”
Construction and Management
Both schemes are currently under construction, with each expected to reach practical completion in 2025. Once complete, Placefirst will remain on site and be responsible for managing every aspect of the neighborhoods through the appointment of dedicated resident services managers.
