Alantra advises McGoff Group on its joint venture with Housing Growth Partnership

Jul 2023

Development financing

London – Alantra, the global investment banking firm, has advised the McGoff Group on its joint venture with Housing Growth Partnership to deliver a landmark 237 unit Build-To-Rent apartment scheme in Manchester.

McGoff Group is an established, family owned multi-disciplined developer and contractor, based in Altrincham. The new Downtown Victoria North BTR scheme in Manchester is situated on a former gasworks on Rochdale Road, and represents a key element of the wider Victoria North regeneration programme.   

McGoff Group will undertake all aspects of the delivery of the scheme with McGoff Construction acting as main contractor and McGoff’s sister company, Downtown Asset Management, operating the completed development. This project represents McGoff’s second Manchester city centre development following completion of their 374 unit ‘Downtown’ development on the banks of the river Irwell in Salford in 2020.

Work has now commenced on Downtown Victoria North and is scheduled to complete in late 2025.   

The development of 1, 2 and 3 bedroom apartments and townhouses is situated a 10 minute walk from the centre of Manchester and will provide tenants with a high quality living experience. 

The completed site will benefit from extensive landscaping, including a communal garden courtyard with seating areas, pocket square and private gardens. It will also offer a reception with spacious seating area and business centre, a 24/7 concierge service, a residents’ lounge, fully equipped gym, underground car parking and bicycle storage.  

HGP is a social impact equity investment fund backed by Lloyds Banking Group and Homes England with an objective to support SME and mid-market housebuilders and developers deliver new homes.  

Senior debt funding for Downtown Victoria North will be provided by Puma Finance. 

McGoff was advised by Bobby Fletcher, Danilo Bardella and Catherine McEwan from Alantra’s Real Estate team and Guy Taylor from Alantra’s Debt Advisory team.

Bobby Fletcher, UK Head of Real Estate at Alantra, said, “Manchester stands as the UK’s second-largest build-to-rent market and is attracting a weight of institutional capital. With projections indicating the city’s economy will continue to experience high growth and boast the highest rate of employment expansion in the coming years, the demand for housing, including purpose-built rental schemes, shows no signs of waning. By capitalising on its proven expertise in the delivery of exceptional projects, McGoff Group is set to make a significant contribution to Manchester’s housing landscape. We’re delighted to have been a part of this transaction and look forward to continue working closely with McGoff and their funding partners in the future.”

Chris McGoff, Director at the McGoff Group, said, “It’s been a pleasure working with Bobby and the team at Alantra on our joint venture with Housing Growth Partnership. Their advice as a global investment banking firm has been invaluable with regards to our Build to Rent scheme, Downtown Victoria North.”

John McKeon, Investment Director for HGP, noted: “We are delighted to be working alongside the team at McGoff in what will be HGP’s first Build to Rent development in Manchester. Downtown Victoria North promises to be an excellent scheme that will provide tenants with a high quality place to live within walking distance from the city centre. McGoff have a great track record in the delivery and operation of schemes of this nature across the North West and we look forward to partnering with them on this and other developments.”