Manchester Council and Pension Fund Seal Deal for 1,600 New Homes
Manchester City Council has announced a landmark partnership with the Greater Manchester Pension Fund to finance the construction of approximately 1,600 new homes across seven brownfield sites in the city. This initiative is part of the council's broader plan to deliver 10,000 genuinely affordable, social, and council homes, with a commitment that more than one-fifth of these units will be offered at the Manchester Living Rent, set at or below the local housing allowance level.
Affordable Housing Commitment and Development Details
The council has pledged that at least 20% of the homes will be genuinely affordable, adhering to the Manchester Living Rent standard. While many of the properties will be available on the open market, this affordable housing component aims to address the city's pressing housing needs. The projects will be developed by This City, the council-owned property developer responsible for the successful No 1 Ancoats Green scheme, which opened last year with 129 homes.
Council Leader's Vision and Project Timeline
Council leader Bev Craig emphasized the significance of this collaboration, stating, "Our plan for 10,000 genuinely affordable, social and council homes is building record numbers. We built more last year than any year since the early 2000s." She added that the partnership with the Greater Manchester Pension Fund provides long-term assurance to advance ambitious housing schemes across Manchester.
The seven identified sites include:
- Postal Street in the Northern Quarter (126 homes)
- Monsall Road in Harpurhey (651 homes)
- Grey Mare Lane in Beswick (145 homes)
- Hyde Road in Longsight (84 homes)
- Kirkmanshulme Lane in Longsight (88 homes)
- Heyrod Street in Piccadilly (number unspecified)
- Downing Street in Ardwick (181 homes)
Construction is slated to begin on Postal Street next year, with other sites scheduled to start in 2028, 2029, or 2030. The council's executive is expected to formally approve the projects at a meeting on Friday, March 13.
Broader Impact and Future Prospects
This deal marks a significant step in Manchester's housing strategy, leveraging council-owned land and pension fund investment to boost housing supply. The council highlights a strong pipeline of future projects, including additional developments in the Northern Quarter and other areas, ensuring more homes capped at the Manchester Living Rent will be available in the coming years. This initiative not only supports economic development but also aims to enhance community well-being by providing accessible housing options.
