Another positive year for Vermont

Vermont Property Group started 2023 with strong momentum, with activity taking place across various Build to Rent projects.

Manchester Waters Build to Rent scheme | Vermont | BTR News
Manchester Waters Build to Rent scheme.

Liverpool-based Vermont Property Group have confirmed another positive year for the Group in 2023, despite the challenging marketplace. It comes as the business forecasts a significant increase in revenues for 2024, in contrast to the construction sector forecasts showing output falling in 2023 and remaining flat across 2024.  

Vermont started 2023 with strong momentum, with activity taking place across various Build to Rent projects. In February, works started on Liverpool Waters for X1 Developments, following an agreement with Starlight Investments to fund and operate the waterfront Build to Rent development.  

Starlight Investments also agreed a deal for the initial phase of Michigan Avenue in Salford. Works started on site in March 2023. The deals agreed with Starlight Investments will contribute over £120m in revenue over the next few years.   

Vermont also started work on site at the redevelopment of Farnworth Town Centre with Capital&Centric, to provide a range of residential accommodation, including high quality commercial and retail space.  

In addition – and as part of its successful partnership with X1 Developments – Vermont also completed Tower 3 at Media City in Q2 2023, marking the completion of a further 275 Build to Rent apartments.

Vermont also expects to start works at the remaining Tower 4 at Media City in Q2 2024. This will see the completion of over 1,100 residential units and 20,000 ft2 of commercial space in total across the wider Media City development.   

The final quarter of this year saw Vermont complete a third block at X1 Developments’ Manchester Waters scheme, comprising a further 190 luxury apartments successfully completed by the team.  

“2023 has been a strong year for Vermont. There is no doubt that political and economic uncertainty has influenced the marketplace, providing inflationary pressure on construction costs across the supply chain on all current developments.

“Whilst the sector continues to wrestle with increased costs driven by the recent inflationary cycle and significant regulatory changes, we do see a continuing appetite within the residential market across major North West cities for good quality Build to Rent projects.  

“Thanks to the efforts of the team we’ve been able to build a fantastic pipeline beyond 2023, which we will begin to see reflected in our numbers for 2024. We have an extremely strong pipeline with a number of new projects commencing next year, including some transformational developments between Manchester and Liverpool coming out of the ground.

“The future is looking extremely bright, and the business is in very good shape going into 2024.”

Mark Connor, Founder and CEO, Vermont Property Group