Greater Manchester Pension Fund (GMPF) has provided a loan of £31.3mn to developer Placefirst, an award-winning single-family rental and build-to-rent developer-operator with an established portfolio across the North of England, to support the delivery of much-needed housing in the North West. CBRE’s Lending team advised the Fund.

The loan will be split between two Build to Rent (BTR) schemes in Bolton and Halifax town centres.

The Bolton project has received £22.6mn for the delivery of 167 one and two-bedroom units. Previously a brownfield site, the 1.1-hectare site will also offer around 5,000 sq ft of commercial space on the ground floor, communal green areas and a new public square within the scheme.

The transformation of a former multi-storey car park in Halifax into 122 one and two-bedroom units, has received £8.75mn to enable the development of high-quality sustainable homes, alongside a communal recreation space for residents.

Both developments will provide new high-quality affordable rental housing in priority regeneration areas, catalysing investment in their respective town centres.

Each development is all-electric, partly supported by PV panels and air source heat pumps and will offer cycle and EV parking spaces. Furthermore, all units will have a minimum of EPC B.

Cllr Gerald Cooney, Chair of GMPF said: “As a leader of a Council as well as a chair of a pension fund I know the depth of the housing crisis in which we find ourselves as a nation. We see it as we place record numbers of homeless children in temporary accommodation; as we grapple with waiting lists for social housing getting longer and longer; and younger residents are priced out of home ownership. That’s why we are proud to make this investment with Placefirst and support the Government’s plan to provide much needed affordable homes for hardworking families whilst delivering strong low risk returns to pay the pensions of our hardworking members.”

Will Church, Executive Director, CBRE said: “We deploy significant amounts of debt from our pool of capital into the North West, as recently demonstrated by these two whole loans to Placefirst. This is the second loan we have made on behalf of GMPF since securing our mandate and the first housing-led loan. This loan will contribute to the essential housing needed in the region, while adding real socio-economic benefits to Bolton and Halifax town centres. We remain interested in supporting further development across all main asset classes with loans that have appropriate risk adjusted characteristics and, crucially, which bring regeneration to the region.”

David Mawson, chief executive for Placefirst, said: “We’ve long been committed to addressing housing shortages by delivering much-needed high-quality rental homes in prime locations. Through these brownfield developments, Placefirst will revitalise neighbourhoods that have been bursting with potential, leaving behind well-connected homes that offer communities a new standard for rental living.

“As developers and operators, we are long-term partners with our residents and the communities we build in which is why we’re people-focused from design to operation. This GMPF loan is a testament to the social and economic benefits our developments have been proven to deliver for local communities. From encouraging wider investment into the area to helping communities connect, our developments offer long-standing value.”

Both schemes are under construction, with each expected to reach practical completion in 2025. Once complete Placefirst will remain on site and be responsible for managing every aspect of the neighbourhood through the appointment of dedicated resident services managers.

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The development will transform the site of the former multi-storey car park into 122 high-quality sustainable homes, a mixture of one and two-bedroom apartments, built specifically for private rent at Cow Green.

Designed in partnership with JM Architects, the scheme takes inspiration from the town’s rich heritage and will integrate with the Council’s wider Cow Green public realm and highway improvements. Other key members of the project team include DEP Landscape, Walker Sime, Roscoe, TACE and Maddox Planning.

Cow Green will be Placefirst’s most sustainable project to date as it transitions towards ‘net zero’, with a thermally efficient building envelope bolstered by photovoltaic panels, air source heat pumps and wastewater heat recovery. The scheme will also include electric vehicle charging and an electric car club for residents.

The plans contribute to Calderdale Council’s vision to turn Halifax into a vibrant place to live, work and visit. They also dovetail with current and future ‘Calderdale The Next Chapter’ proposals for the town centre such as the refurbishment of the bus station and the train station gateway.

Placefirst will commence construction at Cow Green later this year with completion expected in 2025, after which Placefirst will remain on site and be responsible for every aspect of the neighbourhood, via its in-house residents services team.

Placefirst’s work at Cow Green builds on its track record of delivering quality BTR and single-family rental schemes, and adds to its portfolio in Yorkshire such as Skye Edge in Sheffield, a thriving family community of 113 homes with incredible hilltop views across the city.

James Litherland, planning and development manager at Placefirst commented: “We are delighted that Calderdale Council has approved our plans to transform this brownfield site into a new sustainable BTR community within Halifax. Our aim is to set the standard for build-to-rent in the town centre which we believe has untapped potential.

“We want to create a lasting and positive impact on the local area and we look forward to starting work on site later this year.”

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Plans by award winning regeneration specialists Placefirst for the £16m project at Cow Green will see the prominent former multi-storey car park site transformed into high-quality homes for rent.
 

If approved, the scheme will deliver a mix of one and two-bedroom apartments with bike storage and electric car charging points. Designed as a nine-storey building by JM Architects, the development takes inspiration from the town’s rich heritage and will integrate with the Council’s wider Cow Green highway improvements through attractive landscape features and public realm.
 

Placefirst is working collaboratively with West Yorkshire Combined Authority on the delivery of the scheme. Pre-application advice has been sought from Calderdale Council and a public consultation took place in October. Maddox Planning is acting as planning consultant.
 

Plans for Cow Green represent Placefirst’s most sustainable project to date as it transitions towards ‘net zero’. A fabric first approach has been taken to maximise the thermal performance of the building in addition to renewable and efficient technologies including photovoltaic panels, air source heat pumps, mechanical ventilation with heat recovery, and wastewater heat recovery. This will deliver a superior EPC rating which will limit energy consumption and allow for lower bills for residents.
 

The proposal links closely to Calderdale’s vision for Halifax as a vibrant place to live, work and visit, and plans dovetail with current and future ‘Calderdale The Next Chapter’ proposals for the town centre such as the refurbishment of the bus station and the train station gateway.
 

Placefirst is well known for creating quality, well-maintained rental neighbourhoods in multiple regions across the UK, and this scheme in Halifax would follow in the footsteps of its other successful developments including ‘Elevate’, 53 high-spec apartments near Manchester city centre, and ‘Skye Edge’, a thriving family community of 113 new build homes with incredible hilltop views across Sheffield. Once each neighbourhood is complete, Placefirst also maintain a presence on site and manage their neighbourhoods with skilled, friendly in-house teams, and dedicated resident services managers.
 

If approved, work is expected to start in mid-2023 and would be completed by 2025.
 

James Litherland, planning and development manager at Placefirst commented: “We are excited to submit our plans to regenerate this area in the centre of Halifax with our most sustainable scheme to date. We have worked closely with the Combined Authority and Calderdale Council to ensure the scheme delivers the shared objectives of all partners and sets the standard for high quality build-to-rent in Halifax.
 

“We hope that the proposals are well received and look forward to starting work next summer to create new homes for residents.”

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The £16m BTR project has been designed to transform the former multi-storey car park into high-quality homes and if planning permission is granted will deliver a mixture of one and two-bedroom apartments over nine-storeys.

Designed in partnership with JM Architects, the proposed scheme takes inspiration from the town’s rich heritage and would deliver high-spec, energy efficient homes using a fabric first approach and renewable technologies. There would also be an electric car club for residents.

The landscaping around the site would improve public realm, with planting areas and new trees, integrating with the Council’s wider Cow Green Highway Improvements.

Placefirst is working with West Yorkshire Combined Authority (WYCA) and Calderdale Council on the delivery of the development. The online public consultation invites comments and feedback from local residents to help shape the scheme. Once the public consultation is complete, the final planning application will be submitted to Calderdale Council in November. Work is expected to begin mid 2023 if approved.

The proposal is a major step towards Calderdale’s vision for Halifax as a vibrant place to live, work and visit, and builds on previous successful regeneration projects including Dean Clough, the Piece Hall and Square Chapel. Plans dovetail with future ‘Calderdale The Next Chapter’ proposals for the town centre such as the refurbishment of the bus station which is already underway and the train station gateway.

Cow Green continues Placefirst’s commitment to the single-family rental sector in Yorkshire, and would follow in the footsteps of other successful Placefirst schemes in the region that offer high-quality homes for rent including ‘Cross Heath Grove’ in Leeds, and ‘Skye Edge’, a thriving family community of 113 new build homes with incredible hilltop views across Sheffield.

James Litherland, planning and development manager at Placefirst commented: “After hard work and collaboration with Calderdale Council and West Yorkshire Combined Authority, we are delighted to be in a position to share our plans with the public ahead of planning submission. We want to set the standard for high-quality energy efficient apartment living in Halifax town centre. We hope the consultation reaches as many stakeholders and residents as possible so we can take comments into account before a planning application is submitted”.

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