McLaren Property, the leading residential and student accommodation developer, has agreed a forward funding deal to deliver Upper Brook Street, the 737-bed purpose-built student accommodation (PBSA) scheme in Manchester.

McLaren Property’s £160m Upper Brook Street development will be forward funded by L&G, a leading direct investor, lender, developer, and operator in residential real estate, with the partnership delivering the purpose-built student accommodation scheme, comprising c.272,854 sq ft across two buildings of 9-storey and 23-storeys, totalling 737 student bedspaces (288 studios and 449 cluster bedrooms).

Upper Brook Street is just south-east of Manchester city centre, near the Russell Group’s University of Manchester and is part of the Oxford Road Corridor. It is widely acknowledged as a growing hub for students and research.

The new student accommodation building will include a community facility, café and new accessible public realm with new trees, and a commitment to achieve high levels of sustainability to include BREEAM excellent, EPC A and Platinum Wired Score ratings.

David Atherton, Divisional Managing Director, McLaren Property said:

“This 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

“We 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.”

The student accommodation forms part of the wider masterplan for Upper Brook Street, and sits alongside the scheme already underway by Kadans Science Partner, the specialist science and technology developer. With the 9-storey building delivering 216,000 sq ft of purpose built technical real estate space, developed by Kadans’ in-house team.

Adam Burney, Head of BTR & PBSA, L&G:

‘We 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.

‘PBSA forms part of our wider housing platform, where we have invested in excess of £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.’

The purpose-built student accommodation at Upper Brook Street is set to complete in 2028, ready for the academic year.

CBRE and Addleshaw Goddard acted on behalf of McLaren Property while MTRE represented L&G.