McLaren Property has successfully secured funding for its ambitious Upper Brook Street student accommodation project, a significant addition to Manchester’s purpose-built student accommodation (PBSA) landscape. This development is set to provide 737 beds and is forward funded by Legal & General, marking a pivotal investment in the student housing sector.
Project Overview
The £160 million Upper Brook Street scheme encompasses an impressive 272,854 sq ft, distributed across two striking buildings of nine storeys and 23 storeys. Scheduled for completion in summer 2028, the project aims to be ready in time for the start of the academic year, thus addressing the increasing demand for high-quality student accommodation in Manchester.
Wider Regeneration Efforts
This PBSA initiative is part of a broader masterplan for the Upper Brook Street area, which also includes a neighbouring project currently under development by Kadans Science Partner. Kadans is constructing a nine-storey building dedicated to technical real estate, offering 216,000 sq ft of purpose-built space aimed at science and technology sectors. This synergy between student housing and adjacent technical facilities is expected to foster a vibrant community and stimulate economic growth in Manchester.
Insights from McLaren Property
David Atherton, divisional managing director of McLaren Property, highlighted the significance of this partnership, stating, “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.” His remarks emphasise the vital role institutional investment plays in enhancing the quality and availability of student accommodation in the UK.
Legal & General’s Perspective
Adam Burney, head of Build to Rent (BTR) and PBSA at Legal & General, expressed enthusiasm for the collaboration, stating, “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.” His comments point to the growing commitment of Legal & General to invest in the PBSA sector, which is part of a broader housing strategy that has seen over £5 billion allocated across various residential sectors, including affordable housing and later living.
The development of the Upper Brook Street PBSA is a clear indication of the demand for purpose-built student accommodation in Manchester, underscoring the potential for future investment in the UK PBSA market. As the city continues to attract students from around the globe, projects like this not only enhance the local housing landscape but also contribute to the overall economic vitality of the region.