A major joint venture between Homes England, Capital&Centric and Swiss Life Asset Managers has announced its first acquisition in Manchester. The Impact&Places housing partnership has purchased the Ferrous neighbourhood to begin its mission of delivering 2,250 homes across the UK. This project is the first step in a decade-long investment plan projected to reach £860 million.

The development is located on Chapeltown Street on a former industrial site. It represents the final phase of the regeneration of Piccadilly East. This area has been transformed from an underused part of the city into a busy district featuring homes, workspaces and a hotel. Ferrous will provide 107 rental apartments alongside a resident rooftop terrace and two new green pocket parks. The plans also include a dedicated space for pop-up events and food residencies known as The Cabin.

Funding for the initiative is supported by the National Housing Bank. This is a new government vehicle operating within Homes England to provide flexible finance for large scale regeneration. By using public funds to attract private capital, the bank aims to speed up the delivery of sustainable communities. Construction is expected to begin by the end of 2026 with completion scheduled for mid-to-late 2028.

Simon Century, Chief Executive Officer of the National Housing Bank, said: “Collaboration between different organisations is essential to creating the new homes and thriving places that people want and need. We realise the greatest positive impact for communities is only achieved by working alongside partners, including Swiss Life Asset Managers and Capital&Centric, who share our mission to increase the supply of quality rental homes and drive regeneration. Joint ventures like the Impact&Places Partnership exemplify the ambition of our newly launched National Housing Bank to unlock projects and accelerate delivery at scale. This first project in Manchester demonstrates our ongoing efforts to deliver for communities across the country.”

John Moffat, joint managing director at Capital&Centric, added: “This is a landmark moment for us to be putting our plans into action and getting on with delivering high-quality homes in places that need them most. By bringing together public and private investment, we are unlocking underused brownfield land and turning it into thriving, sustainable neighbourhoods with long-term social impact. This is only the beginning, with further projects set to be unveiled later this year.”

Jan Plückhahn, Head Real Estate at Swiss Life Asset Managers, commented: “Ferrous is a strong start for our Impact&Places housing partnership and reflects Swiss Life Asset Managers’ long-term commitment to high-quality homes and vibrant neighbourhoods. Together with our partners, we’re focused on unlocking urban potentials to create impactful places as well as long-term value for our clients and local communities.”