Sigma acquires 272-home Manchester single-family BTR
The build-to-rent operator has forward-funded Kellen Homes’ redevelopment of the 13-acre former Olympic Freight depot on Bennett Street.
Known as The Gateway, the development will feature 172 houses and 100 apartments, all of which will be managed under Sigma’s Simple Life rental brand.
Jason Berry, regional managing director at Sigma, said: “This scheme will deliver high-quality, professionally-managed rental homes in an area that is facing undersupply of attainable, family homes.
“We are focused on our legacy of regeneration, and we are delighted to be able to deliver this important project.”
Kellen Homes, the housebuilder owned by Renaker founder Daren Whitaker, secured planning consent for the West Gorton scheme in March. This followed the withdrawal of an earlier and larger scheme drawn up by Sheffield-based Ascena Developments.
Ascena had reached an agreement with the landowners to build 337 homes on the site. The company lodged plans for the scheme but Manchester City Council did not determine them.
The development has a gross development value of £80m, according to a viability report by Northern Land Agency.
Kellen Homes chief executive Ian Kelley described the scheme as a “significant boost” for the local community.
“We will be providing quality new homes for local people, a community centre, creating new jobs, and public green space for everyone to enjoy and benefit from.
“Kellen builds communities through carefully designed homes and neighbourhoods, and I am delighted that we can bring this investment into Manchester.”
To learn more, search for reference number 134504/FO/2022 on Manchester CIty Council’s planning portal.
Elsewhere, Kellen recently won approval for a 168-home project on Seaford Road in Salford. Like at Bennett Street, the developer aims to build a mix of houses and apartments at the former British Vita Site near Peel Park.