Funding agreement for 352-unit city centre scheme

A forward funding agreement has been secured for a 25 storey 352 unit build-to-rent scheme in Manchester city centre.The development, which will be known as “The Castings”, has a GDV of more than £73m and is due to be completed in the second quarter of 2024. Fiera Real Estate and Packaged Living secured the forward funding agreement for the scheme on Heyrod Street, Piccadilly East in Manchester to CDL Hospitality Trusts. The project will consist of studios, one, two and three-bedroom apartments and will include ground floor commercial space across four units. The Castings aims to meet the “pressing need” for new homes, enhance the quality of life and provide new jobs for the area’s growing population.Originally the 0.7-acre site was purchased in January 2020 through the Fiera Real Estate Opportunity Fund V UK, the fifth and latest fund in FRE UK’s programmatic venture series with CBRE Global Investment Partners.There will be more than 10,000 sq ft of internal and external amenity space. This will range from a ground floor reception and lounge to a 21st floor roof terrace with views across Manchester and a co-working space. The development will also deliver a new public square with flexible ground floor commercial spaces fronting onto the public realm. Packaged Living and FRE UK were advised by Shoosmiths and Knight Frank. CDLHT was advised by Ashurst and CBRE. The contractor for the scheme is Midgard, part of multi-disciplinary contractor the JRL Group.