Puma Property Finance has recently announced that it has provided a loan to the McGoff Group of approximately £50m for a new 237-unit Downtown Victoria North Build to Rent scheme in Manchester. Located on Rochdale Road, the scheme is situated close to Manchester’s main shopping area, Ancoats and the Northern Quarter.
“The McGoff Group’s Rochdale Road scheme is an exciting development in a prime location in Manchester, and we’re delighted to once again be partnering with the McGoff Group to deliver it. The imbalance between supply and demand in the UK rental market is well known, with many people having to push back home ownership aspirations because of higher interest rates and unaffordable property prices, and private landlords also leaving the market. Meanwhile renters are desiring higher standards of living than previously. The Build to Rent sector therefore has a critical role to play in bridging this gap.”Tony Throp, Director, Puma Property Finance
The Rochdale Road Build to Rent development will see the creation of 77 one-bedroom, 149 two-bedroom and 11 three-bedroom apartments.
This Build to Rent scheme will be Puma Property Finance’s eighth with the McGoff Group and will provide much needed rental supply in the area.
“The UK currently faces a huge shortage in rental housing supply, and we’re therefore pleased to have partnered with Puma Property Finance once again on Downtown Victoria North, which is positioned in the heart of Manchester city centre. The Puma team demonstrated great flexibility in a tight timeline to deliver this deal, and we look forward to continuing to work with them throughout this development and in the future.”Chris McGoff, Director, McGoff Group
According to RICS’ most recent UK residential market survey, tenant demand has risen +44%, while landlord instructions have fallen -23%, resulting in a lack of available rental accommodation options, particularly in major cities.
This loan marks Puma Property Finance’s largest to date, alongside the company providing a stabilisation facility to support the bringing of the Build to Rent asset to maturity post-completion.
“As the largest loan that Puma Property Finance has provided to date, nothing could better demonstrate both our belief in the strongly underlying fundamentals of the Build to Rent sector as well as our commitment to funding all parts of the UK, not just the traditional London and South-East heartlands. It is also a great illustration of our relationship-based approach to lending.”Paul Frost, Managing Director (MD), Puma Property Finance
McGoff began construction on the Rochdale Road development earlier in the year. The scheme is expected to complete in early 2026.