Kellen Homes has exchanged contracts with ProperTies Living, Royal London Asset Management’s residential management arm, on 173 apartments and 111 houses at the new Riverpark development in East Manchester.
The deal will see Kellen hand over the homes to ProperTies Living, Royal London Asset Management’s vertically integrated residential management firm, on completion of the build, and they will then be made available to the private rental market.
The move sees the continuation of the build-out of ProperTies’ regional hub model, marking the first project in the ProperTies Northwest Hub. This will allow ProperTies to remain close to its residents and ensure the highest standards of service, amenity delivery, and operational performance.
The private rented sector homes are part of a wider neighbourhood development of 498 new houses for the people of East Manchester, almost half of which will be affordable homes. Manchester City Council approved the scheme last year to create 221, two, three and four-bedroom houses and 277 apartments including a number of specially adapted homes on the former Riverpark Trading Estate in East Manchester. The development includes a sustainable travel cycle lane on Riverpark Road and improved connectivity to Philips Park.
This latest news will open the door for private renters to secure a home on the new development which is less than three miles from Manchester City Centre. The affordable homes at Riverpark will be delivered in partnership with social housing provider Great Places Housing Group. JLL brokered the deal between Kellen Homes and Royal London Asset Management.
Kellen Homes’ Chief Executive Ian Kelley, said of the deal:
“We pride ourselves on delivering homes to meet the needs of local communities and a mix of tenures is an important part of that accessibility. We are very pleased to partner with ProperTies Living and Royal London Asset Management, on this element of this significant new development which will provide modern living solutions for a wide range of individuals, couples and families.”
Paul Ruston, Living Fund Manager at Royal London Asset Management, said:
"Our long-term investment approach, combined with a vertically aligned model that enables close operational oversight, means we are well placed to support the continued growth of this emerging segment of the housing market.
“Complementing our ongoing expansion in the build-to-rent market, the single-family housing sector presents a significant opportunity for early mover advantage, underpinned by compelling supply-demand dynamics. Greater Manchester was a natural choice of location to enter this market, combining acute housing undersupply with strong demand for attainable, family-sized rental homes from an established mobile workforce.”
Tim Holden, Founder and DirectorCharlie Miller, Director of Transactions at ProperTies Living, said:
“Riverpark brings our resident-first offer developed in the BTR sector to the single-family market, delivering the high-quality, professionally managed homes the region desperately needs. Following this first development, we plan to grow our Northwest footprint through a dedicated regional hub, establishing a local presence in the suburban and commuter markets where demand for these rental homes is significant.”
