Olympian Homes has completed a forward funding deal with Round Hill Capital for the delivery of 488 luxury Built-to-Rent apartments in central Manchester for £165m. RG Construction has been awarded the construction contract and is due to start on site in August 2022 with completion targeted for Spring 2025.
The Fairfax, at 23 and 29 storeys with a gross internal area of 478,000 sqft, is designed to appeal to a wide demographic. Residents will enjoy stunning views across Manchester as well as access to a private residence lounge, gym, yoga studio, outdoor terrace, creche, quiet lounge and roof terrace. The development is also conveniently well connected to Greater Manchester and the rest of the country with tram and bus stops nearby, and Piccadilly Station being just a 6 minute walk away.
Mark Slatter, Founder and Chairman at Olympian Homes:
“We are very pleased to have achieved this major milestone, being our first BTR scheme, we have benefitted from Round Hill Capital’s great deal of experience and understanding, they have proved to be excellent partners. We are also grateful to Manchester City Council, Transport for Great Manchester, HS2 and Aecom Capital for working closely with us to make this challenging project a reality.”
James Lindridge, Development Director at Olympian Homes commented:
“We are looking forward to working with Round Hill Capital on this new BTR development. We will utilise our skillset of acquiring land and developing efficiently, to institutional specifications, to ensure the successful delivery of this asset. We have built a strong relationship with Round Hill Capital whilst securing this deal and hope to continue to work alongside one another in the future. Manchester is a flourishing city with a great pipeline of opportunities, this new development will help manage the supply/demand imbalance in the area by providing residents with high quality accommodation in a city centre location complemented by excellent transport links.”
Commenting on the acquisition, Michael Bickford, Founder and CEO of Round Hill Capital, said:
“This is a milestone investment for Round Hill Capital in our 20thanniversary year and draws on our success in the residential and PBSA markets across the continent to create innovative accommodation solutions. Addressing a major supply/demand imbalance in a thriving city with strong capital growth prospects, this flagship project in Manchester demonstrates our ability to identify intelligent investment opportunities and high performing sectors across Europe with valued partners.”
Tom France, Head of UK Investment at Round Hill Capital, added:
“We are excited to be announcing our BTR investment with Olympian Homes, an exemplary developer with outstanding track record, and together we will create a flagship asset in the UK. Our exceptional investment, development and property management expertise, authentic local perspective and deep market insight help us to identify strong regional UK cities such as Manchester, and will allow us to unlock further opportunities in the coming months and years.”
