Private-rented fund builds on council land bank

摘要

Manchester City Council and the Greater Manchester Property Venture Fund are next week expected to launch the search for a residential property manager fortheir new private-rented fund. Property Weekcan reveal exclusive details of the first tranche of homes that are going to be developed by the joint venture, which will be called the Housing Investment Fund. The fund, which was launched in May last year, has selected five sites - four owned by the council and one owned by the Homes and Communities Agency - for a total of 238 homes. Of these, 139 will be provided for market rent and 99 for sale. It is the first time a UK council has directly intervened alongside a local authority pension fund to tackle the shortfall of private-rented accommodation by using its land bank. In Manchester, the number of private-rented households has grown 95% since 2001 and now accounts for a third of all homes, census data show.