The Oldham Road Build to Rent development, a new £32m impact led scheme in Manchester hits a major milestone. GMI Construction Group and Cheyne Capital, joined by NHS leaders, marked the highest point of construction at the 12-storey development, which is due to complete by mid-2023.
The construction company, which was appointed by Cheyne Capital to deliver the development led a topping out event attended by senior management and directors from Cheyne Capital and GMI. The project provides one of the largest proportion of homes reserved for key workers in Manchester, and as such the event was attended by Chairman of the Manchester University NHS Foundation Trust, Kathy Cowell OBE, as a special guest. She officially marked the topping out milestone by congratulating the funding and contractor teams.
“This is a major milestone for Oldham Road which moves us closer to completing what is a best-in-class development in the heart of Manchester. The team at GMI is proud to have worked in partnership with Cheyne Capital to deliver a scheme of such quality and significance.
“We have no doubt that Oldham Road will contribute significantly to re-energising this up-and-coming part of Manchester, and help to unlock further city centre regeneration and growth.”Marc Banks, Divisional Managing Director, GMI Construction Group
The Oldham Road development includes one-, two- and three-bedroom apartments. Funding for the scheme was provided through Cheyne Capital’s Impact Real Estate strategy, which aims to address the UK’s shortage of affordable housing. Under the social impact principles of the financing agreement, 35% (51 of the total 144) apartments will be reserved for local key workers – such as nurses, teachers and emergency services workers, at discounted rents of up to 25%.
The scheme features 3,000 sq ft roof terrace, and further high-quality amenity spaces for work, entertainment and relaxation. The development is accredited with the Home Quality Mark and a top-level Platinum Award with WiredScore, the global standard for in-building connectivity.
The Oldham Road scheme sits between two highly-prized districts of Ancoats and NOMA. Forming a key part of a larger regeneration in the New Cross neighbourhood in Manchester undertaken by GMI, the area will see the addition of 378 homes over three major developments.
“We know what a transformational impact urban regeneration development such as Oldham Road can have on a place, and the benefits they provide for the communities they serve.
“Our commitment to reserve more than a third of these new homes at meaningful discounts – enabled by our Impact Real Estate strategy – will open up more affordable opportunities for key workers across health, education, and the emergency services to live in the heart of one of the UK’s most dynamic cities.
“As well as providing high quality homes for what will no doubt be a thriving urban community, Oldham Road will support sustainable lifestyles with residents living on the doorstep of the public transport network in Manchester city centre.”Jack Greenhalf, Development Manager, Cheyne Capital