L&G puts up £110m Manchester BTR scheme for sale

Investor seeks exit from first PBSA and BTR development in the UK

L&G is selling a Manchester build-to-rent development at a £110m price tag

Are you looking for an existing BTR scheme to buy? There is a £110m Manchester BTR scheme available to purchase. This is significant news as it is the first PBSA and BTR development in the UK to be put on the market by Legal & General (L&G).

Key details about L&G's sale

The scheme, which boasts 364 apartments, is available for sale and is located in Manchester's city center. The building is located at 34-44 Sackville Street, with Piccadilly Gardens right on its doorstep and close to the Northern Quarter and Spinningfields.

The development was finished in 2020 and was L&G's first foray into the private rented sector, comprising a mix of one and two-bedroom apartments. The building is managed by Moda Living.

L&G is one of the largest investors in the UK BTR market, with more than £3bn committed to the sector. The company has developed and acquired over 6,000 homes across the UK, with plans to grow its portfolio to more than 10,000 homes by 2025.

CBRE's Manchester office is handling the sale of the Sackville Street property.

Looking ahead

In light of the increasing popularity of BTR schemes, it is likely that we will see more investors looking to enter the market. L&G's decision to sell its Manchester scheme could be seen as a sign that the company is looking to take profits from its early investment and focus its attention where else.

The sale of the development is expected to generate strong interest from investors, both domestic and international. The Manchester BTR market is seen as a strong one, with high demand for rental accommodation in the city.

The sale of L&G's Manchester BTR scheme is a significant event in the UK private rented sector. It is a sign that the market is maturing and that investors are increasingly looking to invest in this asset class.