The contract has been signed for a new joint venture company – Matrix Homes – that will establish Manchester's pioneering housing investment model in a first-of-its-kind partnership.

The housing investment fund – a joint partnership between Manchester City Council, Greater Manchester Pension Fund (GMPF) and the Homes and Communities Agency (HCA) – is a new and innovative approach intended to boost home building in the city.

The development model uses available land owned by Manchester City Council, including a site invested by the HCA, while an investor – in the case the Greater Manchester Pension Fund – finances the build. The aim is to stimulate home building, while reducing the usual risks associated with a development – minimising the overheads for a contractor, who will also have no sales risk.

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A tenure mix across five separate sites has been developed to ensure each location fits in to the property requirement for the local area – including owner occupation and private rented properties.

Matrix Homes includes the contractor Wates Living Space, with GVA providing technical advice, who will build the homes; Plumlife, who will be responsible for sale and marketing the for sale properties; and Places for People who will act as agent and manage the rental properties.

Works on the first sites will begin in May. Pozzoni are the architects for the development.

(CD/MH)