Law firm Winckworth Sherwood has advised Vista, the UK residential property fund established via a joint venture in build-to-rent between Countrywide plc and Hermes Investment Management, on the forward purchase of the first phase of Manchester Waters from Rowlinson Constructions for £23 million.
Manchester Waters is a 164-unit build-to-rent scheme of 96,547 sq ft, located on the southwest fringe of central Manchester. It is Vista’s second largest PRS scheme following the forward purchase
of Baltic Village in Liverpool, which exchanged last year.
This will be the first scheme to be developed at Pomona Island, on the south west fringe of central Manchester, in one a burgeoning residential urban village. With excellent connectivity to MediaCityUK in Salford Quays and the city centre, work starts soon.
Winckworth Sherwood’s Real Estate partner Charlie Proddow, said, “Manchester Waters is a long-term investment for Vista and falls in line with its strategy of focusing on high-quality, new BTR assets across the UK. We are delighted to be part of that story.”