Funding secured for new 520 Build-to-Rent development in Manchester City Centre


Pension Insurance Corporation plc (PIC), has agreed to forward fund £130 million of Muse’s 520-appartment build-to-rent development beside Manchester’s Victoria station, following Colliers International’s acquisition advice on the deal. 

Advice from Colliers’ Build-to-Rent team helped to secure the deal for the two-building development which also includes more than 6,000 sqft. of commercial space and 102 car parking spaces beside Manchester’s NOMA. The development will also include amenities reserved for the tenants including a gym, communal lounge, cycle storage and roof garden.

Tracy Blackwell, CEO of Pension Insurance Corporation plc, said: “With a portfolio in excess of £40 billion backing the guaranteed pensions of our c.230,000 policyholders, PIC is a significant and purposeful investor in the UK’s social infrastructure. I am delighted that we have now secured our first Build to Rent project, a significant step as PIC continues to grow. This investment, which will have a positive effect on the local economy, will provide long-term, secure cashflows to back our pension payments in the decades ahead.”

David Burkinshaw, development director at Muse Developments, added: “Reaching completion on the forward funding deal with PIC is a significant milestone for all partners, as we bring forward this innovative gateway development. This deal highlights investor confidence in our long-term vision to transform and repurpose an underutilised site in Manchester city centre.”

Erica D’Souza, senior advisor for the Colliers’ Build-to-Rent team, worked with PIC and Muse to provide financial modelling and design advice on the scheme. She said: “This transaction is testament to the fact that established build-to-rent markets such as Manchester are continuing to see investor confidence due to its strong underlying fundamentals: commuter-friendly locations, strong jobs market and a growth story.

“This development will be significant in the local regeneration providing much-needed accommodation for those who want to live and work in the beating heart of the city. The size of the development and its apartment mix makes it attractive to those living alone, as well as those with young families too. Plus having access to public transport right on your doorstep is an added bonus.”

The wider development, which is also being part funded by Manchester City Council and Homes England through the Housing Infrastructure Fund, benefits from planning permission for a second phase of Grade A office accommodation.

Michael Hawkins, Head of National Office Agency and Development UK Regions at Colliers added: “The city of Manchester is booming. Supply of good quality rental accommodation is needed and we’ve seen determination to meet that need with the improvements to design made during this deal’s inception.

“As quality Grade A office space is in short supply we will continue to advise on new opportunities for creating office locations in the area.”

Colliers’ Valuation team also provided a Red Book for the scheme. Construction firm Vinci is due to start on the site imminently, completion is expected in 2024. 

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Michael Hawkins

Director- Head of National Office Agency and Development UK Regions


I have over 28 years experience in the Real Estate profession, focused on the North West of England but with particular emphasis on Manchester City Centre. Ten of those years was as lead Director of Lambert Smith Hampton’s Office Agency Department and after that ten years as the Principal Development, Investment, Office Agency Director at my own firm WHR. Based in Colliers Manchester office I offer a depth and breadth of commercial experience to Investors, Developers, Landlords and Occupiers with particular regard to complex mixed use scheme with a focus on procurement of Planning, Development, Letting and Disposal of City Centre office schemes. I deal with all aspects of office agency where I have been one of the principle protagonists for the evolution of Manchester’s City Centre office market. My role includes providing Developers / Investors a unique insight into occupational requirements and how they should and will influence the design criteria of complex refurbished projects as well as ground up new build schemes. I pride myself in delivering performance for Colliers clients in a competitive market place.

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Andrew White

Head of UK Residential

London - West End

Andrew heads up the UK Residential Department at Colliers International and is a specialist advisor in residential and mixed use developments.  He has been involved in some of the largest and most complex sites within London and the South East of England.

The Residential Department at Colliers International comprises a market leading  team of 35 surveyors and advisers who focus on London, The South East and the Regions, advising  clients on their options for maximising value for their assets, including planning, development consultancy, Build To Rent, investment and disposal strategy and New Homes & Project marketing. 

Andrew has worked in the sector for 25 years having started his career with a large multinational real estate agency, then running his own land agency for 8 years before joining Colliers International in 2013. He has advised government bodies such as the NHS, as well as family businesses, funds, charities, developers and companies on their strategy for disposal of their land holdings and property assets.

Clients include, Legal & General, the NHS, Royal London Asset Management, The Diocese of London, London Square, Telereal Trilium, Threadneedle, Aberdeen Standard, Greggs, Rexel and PSA Group as well as other large corporate landowners.

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Erica D'Souza

Senior Adviser

London - West End

Erica works closely with developers and institutional investors, focussing  on investment underwriting and consultancy advise on PRS specific / mixed-use development opportunities across the UK. 

Prior to joining Colliers, Erica worked within private equity for HNWIs and various family offices in London. During this time, she was involved in deal originations and debt structuring of asset level transactions . She was also actively managing a portfolio of assets worth in excess of £30m with the view to maximise the underlying value through redevelopment and other strategic activities. In addition, Erica has over 3 years’ experience working within various capacities in the design and execution of custom homes and high density residential developments in India. 


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Suzy Simpson

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London - West End

As Acting Head of PR & Communications for UK and EMEA, I am currently covering maternity leave for Director of PR & Communications,  Charlotte Williams. 

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Prior to taking on this role, I was an Associate Director with my main responsibilities being to oversee PR strategy for the UK regions, my key resiponsibilities include:

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  • Delivering creative PR campaigns and distributing news from across the business, including new instructions, transactions, research reports, new starters and new business initiatives.

  • Developing relationships between key individuals and relevant journalists through our strategic media engagement programme. 

  • Drafting and managing industry award entries.

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  • Media Training for key spokespeople

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