Gresham House invests in landmark Stockport BTR

Gresham House invests £12m in a landmark Stockport redevelopment project, which will deliver Build to Rent homes.

Stockport Build to Rent scheme which will be delivered through funding from Gresham House | BTR News
Stockport Build to Rent scheme which will be delivered through funding from Gresham House.

Gresham House announces it has committed £12m alongside several significant public sector bodies as part of a public private partnership to regenerate the Stockport Interchange bus station and develop a £40m Build to Rent residential building. The redevelopment is expected to complete in 2024.

“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.”

Alistair Wardell, Investment Director, Gresham House

The £12m investment, made by the Gresham House British Strategic Investment Fund (BSIF), will go towards delivering the Build to Rent component of the project. The investment will be delivered via Gresham House’s existing mainstream Build to Rent platform – Rise Homes.

“The Stockport Interchange project follows on from the success of another multi-family Build to Rent 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.”

Nigel Rawlings, CEO, Rise Homes

The new 14-storey Build to Rent development will be constructed by main contractor – Willmott Dixon – with Transport for Greater Manchester (TfGM) responsible for developing the project. The scheme will deliver 196 Build to Rent homes – a mix of 70 one bedroom and 126 two bedroom units in the heart of the town centre.

Stockport BTR development which will be delivered through funding from Gresham House | Rise Homes | BTR News
14-storey Stockport BTR development.

Work will also take place to dramatically upgrade the transport infrastructure at the bus station, connectivity to the train station and the amenities for cyclists and walkers. A new two-acre rooftop park on top of the Interchange station will create leisure and recreation areas, along with additional green space for the local community.

“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.”

Paul Dennett, Deputy Mayor of Greater Manchester for Housing, Homelessness & Infrastructure

This deal marks Gresham House’s second housing investment in Stockport, having previously completed another residential scheme 200 metres from the Interchange site. It 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.

All of the funding and development partners include TfGM, Stockport Metropolitan Borough Council, the Greater Manchester Combined Authority (GMCA), Homes England and CityHeart – who have all worked closely together to allow this landmark scheme to be delivered.

“We are delighted to be working with TfGM, GMCA and SMBC to forward fund the development of a 196 unit purposely designed 14-storey Build to Rent building, as part of a public private partnership to regenerate the Stockport Interchange bus station.

“The investment furthers our commitment to the accessibly priced mainstream multi and single family Build to Rent market, as we significantly scale our current 1,200-unit Build to Rent portfolio across the UK.”

Joe Thomas, Investment Director, Gresham House