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Delancey Oxford Residential (DOOR), APG and Qatari Diar, working together in joint venture, have announced the completion of a forward purchase of over 800 homes for market rent at Middlewood Locks, Greater Manchester. Middlewood Locks is being developed by FairBriar International, a joint venture of Scarborough International Properties (50%) Metro Holdings of Singapore (25%) and Hualing Group of China (25%).
This latest investment is in line with the joint venture’s strategy to support the creation of large-scale residential-led developments, primarily in the Greater London area and the top five cities in the UK by population. It also marks Get Living’s first venture in Manchester.
Middlewood Locks is a 25-acre landmark development which will provide a new waterside neighbourhood created around three large basins of the Manchester, Bolton and Bury canal. It is located a short distance from Manchester’s central business district and retail amenities of Manchester city centre. With landscaped areas of green public space, the overall Middlewood Locks scheme will provide a total of 2,215 new homes, 900,000 sq ft of commercial space including a hotel, gym, restaurants and retail.
Get Living, the joint venture’s wholly owned residential, lettings and management platform, will take over operational responsibility for the 800 homes and associated public realm at Middlewood Locks, from completion of the development. The first phase of 275 homes will launch this year.
Rick de Blaby, Executive Chairman of Get Living, commented: “We are very excited to be bringing Get Living to the North West on behalf of our shareholders. The location, the masterplan and the building designs at Middlewood Locks provides us with the homes and public realm that enables Get Living to deliver to residents our market-leading offer to our target residents in Manchester and Salford. We’ve been impressed by Scarborough International Properties’ vision for Middlewood Locks and we’re pleased to be partnering with them in this next phase of our ambitious UK growth.”
Paul Brundage, Spokesperson for DOOR, Executive Vice President and Senior Managing Director, Europe and Asia Pacific of Oxford Properties added:
“We have significant capital available to grow the Get Living residential investment platform in London and the UK’s top five cities. This transaction demonstrates our commitment to the build-to-rent sector and the UK as a whole. Middlewood Locks is an important next step in delivering on our vision to build the UK’s pre-eminent residential rental platform with our partners.”
Simon Marshall, Joint Chief Executive of Scarborough International Properties, commented: “This is a tremendous boost to Middlewood Locks, not just in accelerating the delivery of the overall scheme, but also providing much needed housing to the local area and offering a balance of homes for sale and for rent.
“Get Living continues to lead the UK’s build to rent sector, giving their residents the quality and level of service they demand. They share our ambition for creating a sustainable and contemporary neighbourhood with a strong sense of community.”
This transaction takes the Get Living portfolio to around 3,000 operational homes by the end of 2019, and a secured pipeline of more than 4,000 units.
CBRE and BCLP represented the purchasing joint venture.