UK real estate fund manager – Moorfield Group – enters into its fourth development agreement with Glenbrook, on behalf of its Moorfield Real Estate Fund V. The deal will see Moorfield forward-fund a 120m GDV Build to Rent development at Lumina Village in Trafford, Manchester. Shoosmiths, Quartz and CBRE advised Moorfield on the transaction.
Acquiring the site with full planning consent, Moorfield and Glenbrook will deliver 440 new Build to Rent homes. An additional 199 units as Shared Ownership and Affordable Housing tenures are also being delivered at Lumina Village by Glenbrook on behalf of Clarion Housing Group.
The scheme will be arranged across four buildings and a central podium, with residential accommodation including apartments and townhouses, which will be aimed at young professionals and families.
Ground and podium level amenities at Lumina Village include resident lounges, reception areas, co-working space, a gym and studio, roof terrace, cycle storage and a 200 space car park. The communal landscaped green areas will also be the largest of any Build to Rent development currently in Manchester. The scheme is expected to complete in 2026.
“Reaching this funding milestone at Lumina and our fourth Build to Rent funding deal with Moorfield is a huge accomplishment for all those involved. When completed, the scheme will deliver much needed rental housing in an excellent, well-connected location. Construction has already commenced, and we look forward to updating as the development progresses.” Ian Sherry, Director, GlenbrookIan Sherry, Director, Glenbrook
Lumina Village forms part of the Civic Quarter Master Plan, where Trafford’s 55 acre Civic Quarter – less than half a mile from Manchester United’s Old Trafford football stadium and adjacent to Old Trafford cricket stadium – is being regenerated to provide up to 4,000 new homes, public realm, green space and 50,000 sqm of new office and commercial stock. Plans include the redevelopment of c.20 hectares of brownfield land.
A range of decarbonisation initiatives at the construction and operational stages are planned as part of an ESG-linked development agreement between Moorfield and Glenbrook.
At least 95% of homes will attain a minimum EPC B rating. Net zero operational carbon will also be achieved through a full electrification of the scheme. Further measures include the use of cement replacements and other recycled building materials, installation of photovoltaic roofing and electric vehicle charging points, and biodiversity net gain.
Lumina Village is the fourth Build to Rent development by Moorfield and Glenbrook, and its third in Manchester. Once this scheme completes, the partnership will have delivered over 1,000 homes.
Previous partnerships included The Keel in Liverpool, which was sold in 2018, Thee Trilogy in Manchester which was sold in 2021, and Duet in Salford Quays, Greater Manchester, which was sold in 2022. Moorfield’s other Build to Rent development was The Forge in Newcastle, which was sold in 2019.
“Lumina Village is a fantastic asset in one of the UK’s most attractive Build to Rent markets, and the next in our strong relationship with Glenbrook, whose expertise we value enormously.
“Our early Build to Rent investments performed well and we are now excited to be getting back into the subsector, having been priced out for a number of years and having sold all of our previous projects. We have delivered some of the UK’s best, market-leading schemes; Duet being the highest ranked UK Build to Rent investment at one point, and we look forward to this new investment now delivering the next stage in design and customer service that will make it fit for purpose for future demand.
“We think the residential sector continues to offer opportunity, driven by an acute supply and demand imbalance, and the opportunity to provide a far better offering in the market place.”Charles Ferguson-Davie, Chief Investment Officer, Moorfield Group