UK real estate: GMPF exits Manchester BTR project as Grainger unveils Chester plans

The Greater Manchester Pension Fund (GMPF) has completed the sale of its 50% interest in the build-to-rent (BTR) component of the Circle Square development in Manchester to joint venture partner Vita Group. The transaction includes the repayment of GMPF’s mezzanine loan and marks the realization of an investment made through the Greater Manchester Property Venture Fund. The project features 683 BTR apartments and retail space across two buildings, located on the former BBC estate near Manchester’s universities.

In Chester, developer Grainger has unveiled plans for a £60 million BTR project at the former Linenhall stables site. Working with landowner Chester Race Company and UK Land & Property, the proposed six-storey scheme aims to provide approximately 300 professionally managed rental homes. The development, intended for young professionals and downsizers, would replace previous consents for student accommodation. A planning application is expected in November, with construction potentially starting in 2027.