The Housing Investment Fund is a ground-breaking home building model that uses available development land owned by Manchester City Council while an investor finances the build, delivering 241 homes.

The aim of the joint venture, financed by the Greater Manchester Pension Fund, is to stimulate home building in the city at a time when property development has been stymied by the economy, while reducing the usual risks associated with a development as the contractor’s overheads are minimised and they have no sales risk.

Wates Living Space has been chosen as the development contractor to build the homes and have been working with the joint venture project managers to draw up planning applications for the five site scheme that will be submitted to the planning authority in December.

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Plumlife have also been appointed as the sales and marketing team for the for sale properties, and Places for People have been chosen to act as agent to let and manage the rental properties. GVA will act as the technical supervisor for the partnership.

Pozzoni are the architects for the development.

A tenure mix across the five sites, including a site offered by the Homes and Communities Agency (HCA), has been developed to ensure each location fits in to the property requirement for the local area – including appropriate levels of owner occupation and private rented properties.

Buyers will be able to access the Government's Help to Buy equity scheme to receive up to 20 per cent towards the value of the property, making the new homes available to purchasers who can sustain a mortgage but may not have the required deposit.

The partnership will generate a revenue return from their investment through rents and a capital return through house sales.

(CD/IT)