McLaren鈥檚 737-bed purpose-built student accommodation (PBSA) scheme in Manchester鈥檚 Upper Brook Street will be forward funded by Legal & General.
The 拢160m development comprises 272,854 sq ft across two buildings of nine storeys and 23 storeys. It is planned for completion in summer 2028, ready for the start of the academic year.
The PBSA buildings form part of a wider masterplan for Upper Brook Street and sits alongside a scheme already underway by Kadans Science Partner, the specialist science and technology developer. Kadans is developing a nine storey building with 216,000 sq ft of purpose-built technical real estate space.
David Atherton, divisional managing director of McLaren Property, said: 鈥淭his partnership represents a significant milestone for the project, the wider regeneration of the Upper Brook Street Masterplan, and the student accommodation sector as a whole. This is a hugely positive outcome and demonstrates the availability of institutional capital for high quality student led assets, in prime locations
鈥淲e are proud to partner with L&G and we are focused on delivering much-needed student accommodation and to continue to drive investment into Manchester. With the associated sci tech floorspace now also under construction next door, we are fully on track to deliver positive change, help drive economic growth, through private investment and without the need for public funds.鈥�
Adam Burney, Legal & General鈥檚 head of BTR & PBSA, added: 鈥淲e are excited to be working with McLaren to bring forward this high-quality scheme, within the Upper Brook Street Masterplan. This partnership reflects the momentum of our expanding PBSA Student Living Platform, launched in 2024, with this project being the fourth asset acquired to date and the first being forward funded.
鈥淧BSA forms part of our wider housing platform, where we have invested in excess of 拢5bn across BTR, PBSA, affordable housing and later living. Development forms a natural progression of the strategy, building on our experience in BTR, offering the ability to influence design and placemaking.鈥�
Got a story? Email news@theconstructionindex.co.uk
