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Gresham House has confirmed its commitment to provide £12 million, alongside several public sector bodies, to develop a £40 million 196-apartment Built-to-Rent (BtR) scheme as part of the Stockport Interchange redevelopment.
The project is part of a public-private partnership that will see Transport for Greater Manchester (TfGM) develop the former bus station site into a 21st Century transport interchange, with rooftop park and 14-storey apartment building; Willmott Dixon were this week announced as the main contractor for the build.
The apartment scheme will comprise 70 one-bedroom and 126 two-bedroom units that are being purposely designed as build-to-rent accommodation. The Stockport Interchange scheme marks the second investment by Gresham House in the town, having previously backed redevelopment of the former Royal Mail Sorting Office into BtR apartments, just 200 metres for the Interchange site.
The £12 million investment, made by the Gresham House British Strategic Investment Fund (BSIF), will go towards delivering the BtR component of the Stockport Interchange project. The investment will be delivered via Gresham House’s existing mainstream BtR platform, Rise Homes. All of the funding and development partners (TfGM, Stockport Council, GMCA, Homes England and CityHeart) have worked closely together to allow this landmark scheme to be delivered.
The deal builds on a busy 2021 for the specialist alternative asset manager’s real estate team, which has further expanded its portfolio of socially impactful housing projects in several regional city centres.
Joe Thomas, Investment Director at Gresham House, says:
“We’re delighted to be working with GMCA, SMBC, TfGM and WD on the regeneration of Stockport Interchange, building on our track record of delivering mainstream BtR properties across the UK. We’re currently delivering over 1,200 high-quality and fairly priced multi- and single-family homes in the Northwest, Midlands and Yorkshire and firmly believe in the importance of delivering great homes to support urban and community regeneration.”
Nigel Rawlings, CEO, Rise Homes says:
“The Stockport Interchange project follows on from the success of another multi-family BtR scheme completed by Gresham House and Rise Homes in Stockport, The Mailbox. It has the largest area of living wall in the North of England and is located just 200m from the new Interchange site. We look forward to working within the parameters of the project’s high-quality design and with the excellent team of partners involved.”
Alistair Wardell, Investment Director at Gresham House, says:
“This complicated public private partnership investment is testimony to our long-term sustainable investment focus and will provide our investors with strong risk-adjusted returns.
We are also excited about building upon this new relationship with the GMCA and accelerating our multi-tenure residential investment strategy, by partnering on further projects to deliver much needed new and affordably priced residential homes across the region.”
Deputy Mayor of Greater Manchester for Housing, Homelessness & Infrastructure, Paul Dennett said:
“Gresham House’s support has been valuable in ensuring we can significantly boost good quality new homes in Stockport’s town centre alongside redeveloping the Interchange bus station. The green space, walking and cycling infrastructure being created as part of this development will also help improve the lives of residents.
“We are delighted to be able to support this ambitious partnership over the coming years and look forward to on-going collaboration through the Mayoral Development Corporation to realise Stockport’s town centre vision.”