Council will use £25m pension fund to fund private rented homes
Manchester to build 250 homes
Manchester Council will use a £25 million pension fund investment to develop nearly 250 new private rented homes.
The council last week formally approved plans to launch a pilot public land investment model alongside the Greater Manchester Pension Fund.
The model will see the council put in free land for development on five sites, while the pension fund contributes an equity investment. Four sites are council-owned, with the fifth owned by the Homes and Communities Agency.
Land values will see the council retain a 20 per cent stake in the partnership, with the remaining 80 per cent owned by GMPF.
The five sites will deliver 244 homes with 71 for private sale and the rest for private rent.
The model could be rolled out to other local authorities in the Greater Manchester area, with similar schemes in neighbouring councils likely to involve an element of social housing in addition to private homes.
Inside Housing’s Get on our Land campaign is pushing for more land to be freed up for housing development.
Breakdown of sites
| SITE | RENTAL UNITS | SALE UNITS | TOTAL |
| Former Oakwood, Darley Avenue, Chorlton Park | 43 | 43 | 86 |
| Site of former Ossington Court, off Hawkswick Drive, Brooklands | 30 | 0 | 30 |
| Site of Woodwise Lane, off Woodwise Lane, Brooklands | 17 | 0 | 17 |
| Site off Clowes Street, West Gorton, Ardwick | 26 | 9 | 35 |
| Gorton Monastry, off Gorton Lane, Gorton North | 57 | 19 | 76 |
| TOTAL | 173 | 71 | 244 |
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