{"id":7752,"date":"2014-05-13T15:51:11","date_gmt":"2014-05-13T14:51:11","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=7752"},"modified":"2015-10-08T10:35:51","modified_gmt":"2015-10-08T10:35:51","slug":"first-of-its-kind-housing-investment-fund-set-to-change-development-in-manchester-and-beyond","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=7752","title":{"rendered":"\u00e2\u20ac\u0153First of its Kind\u00e2\u20ac\u009d housing investment fund set to change development in Manchester and beyond"},"content":{"rendered":"<p><span style=\"color: #000000;\">In a landmark move for British property development, a contract, said to be the first of its kind, has been signed by Manchester City Council, the Greater Manchester Pension Fund and the Homes &amp; Communities Agency (HCA) \u00e2\u20ac\u201c marking the start of an important housing investment fund for the area.<\/span><\/p>\n<figure id=\"attachment_7753\" aria-describedby=\"caption-attachment-7753\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7753 size-medium\" src=\"http:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Brighton-Skyline-and-pier-300x224.jpg\" alt=\"Brighton Skyline - Could investment funds change this vista?\" width=\"300\" height=\"224\" srcset=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Brighton-Skyline-and-pier-300x224.jpg 300w, https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Brighton-Skyline-and-pier-1024x768.jpg 1024w\" sizes=\"auto, (max-width: 300px) 85vw, 300px\" \/><figcaption id=\"caption-attachment-7753\" class=\"wp-caption-text\">Could investment funds change this vista?<\/figcaption><\/figure>\n<p><span style=\"color: #000000;\">The development model plans to combine land released by the local authority and the HCA with \u00c2\u00a0finance put forward by the pension fund, selecting Wates Living Space as the building contractor, Plumlife for sale and marketing the freehold properties and Places for People as agent and manager for the rental properties. The resulting joint venture company, Matrix Homes, aims to produce 240 new homes for sale and rent.<\/span><\/p>\n<p><span style=\"color: #000000;\">The scheme therefore manages to simultaneously free-up previously unavailable land whilst securing adequate finance \u00e2\u20ac\u201c the latter being an aspect of the construction process which has been a significant obstruction to successful development since the \u00e2\u20ac\u02dccredit crash\u00e2\u20ac\u2122. Thus, whilst hard work was evidently required to reach such an agreement, the result is a localised solution to some of the biggest obstacles facing the supply side of the property industry.<\/span><\/p>\n<p><span style=\"color: #000000;\">If the idea were to catch on, spreading to Birmingham, Newcastle and perhaps even London \u00e2\u20ac\u201c the result could be thousands more homes to help satisfy the burgeoning demand and keep prices stable.<\/span><\/p>\n<p><span style=\"color: #000000;\">For the 240 homes in Manchester proposed, the Council was quick to emphasise that a mix of tenures across the development would help the new properties to fit in with the requirements of each location. Cllr Nigel Murphy, Manchester City Council\u00e2\u20ac\u2122s executive member for housing and regeneration, added:<\/span><\/p>\n<p><span style=\"color: #000000;\">\u00e2\u20ac\u0153<em>This is a momentous day and a hugely significant milestone in what has been an innovative and ambitious approach to home building \u00e2\u20ac\u201c and the joint venture company, Matrix Homes, is the end product of a huge amount of work that has made sure the project is viable.<\/em><em>\u00c2\u00a0<\/em><\/span><\/p>\n<p><span style=\"color: #000000;\"><em>\u00e2\u20ac\u0153Manchester\u00e2\u20ac\u2122s housing investment fund is the \u00e2\u20ac\u02dcfirst of its kind\u00e2\u20ac\u2122 model to boost home building and we hope its success will lead to larger home building projects in the future.\u00e2\u20ac\u009d<\/em><em>\u00c2\u00a0<\/em><\/span><\/p>\n<p><span style=\"color: #000000;\">Cllr Kieran Quinn, Chair of the Greater Manchester Pension Fund, said:<\/span><\/p>\n<p><span style=\"color: #000000;\"><em>&#8220;The current economic climate has seen home building slow down to an almost standstill, with levels of development not keeping up with the demand throughout Greater Manchester.<\/em><em>\u00c2\u00a0<\/em><\/span><\/p>\n<p><span style=\"color: #000000;\"><em>\u00e2\u20ac\u0153This new innovative model tackles these issues by promoting development opportunities while at the same time ensuring new attractive, affordable homes are available for our residents.\u00e2\u20ac\u009d<\/em><em>\u00c2\u00a0<\/em><\/span><\/p>\n<p><span style=\"color: #000000;\">&#8212;<\/span><\/p>\n<p><span style=\"color: #000000;\">Substantial developments often utilise Chartered Surveyors in a project management role, to satisfy the Party Wall Act or to instruct them towards the end of a project as part of a \u00e2\u20ac\u02dcsnagging\u00e2\u20ac\u2122 assessment. Surveyors of our network are independent, competent local professionals who can provide these services. You can find your local surveyor for this or any other type of surveying work here:<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><a title=\"PropertySurveying UK\" href=\"http:\/\/www.propertysurveying.co.uk\"><span style=\"color: #0000ff;\"><strong>www.PropertySurveying.co.uk<\/strong><\/span><\/a><\/span><\/p>\n<p><strong>\u00c2\u00a0<\/strong><\/p>\n<p>SRJ \/ LCB \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a023\/04\/14<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a landmark move for British property development, a contract, said to be the first of its kind, has been signed by Manchester City Council, the Greater Manchester Pension Fund and the Homes &amp; Communities Agency (HCA) \u00e2\u20ac\u201c marking the start of an important housing investment fund for the area. The development model plans to &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=7752\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;\u00e2\u20ac\u0153First of its Kind\u00e2\u20ac\u009d housing investment fund set to change development in Manchester and beyond&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":7753,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-7752","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00e2\u20ac\u0153First of its Kind\u00e2\u20ac\u009d housing investment fund set to change development in Manchester and beyond - Property Surveying NEWSLETTER<\/title>\n<meta name=\"description\" content=\"In a landmark move for British property development, a contract, said to be the first of its kind, has been signed by the Greater Manchester Pension Fund...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=7752\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00e2\u20ac\u0153First of its Kind\u00e2\u20ac\u009d housing investment fund set to change development in Manchester and beyond - 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