Royal London Asset Management (RLAM) has entered the single-family housing market with the forward-funding of a 284-home living scheme on Riverpark Road in Manchester.
In partnership with North West housebuilder Kellen Homes, the forward-funding deal will deliver 111 single-family homes and 173 low-rise apartments at the Riverpark development. Completion is targeted for Q3 2028 with leasing expected to begin in Q3 2027.
The homes will be operated by ProperTies Living, Royal London Asset Management’s vertically integrated residential management firm.
Paul Ruston, living fund manager at Royal London Asset Management, said: “Our long-term investment approach, combined with a vertically aligned model that enables close operational oversight, means we are well placed to support the continued growth of this emerging segment of the housing market.
“Complementing our ongoing expansion in the build-to-rent market, the single-family housing sector presents a significant opportunity for early mover advantage, underpinned by compelling supply-demand dynamics. Greater Manchester was a natural choice of location to enter this market, combining acute housing undersupply with strong demand for attainable, family-sized rental homes from an established mobile workforce.”
Charlie Miller, director of transactions at ProperTies Living, added: “Riverpark brings our resident-first offer developed in the BTR sector to the single-family market, delivering the high quality, professionally managed homes the region desperately needs. Following this first development, we plan to grow our Northwest footprint through a dedicated regional hub, establishing a local presence in the suburban and commuter markets where demand for these rental homes is significant.”
Ian Kelley, chief executive of Kellen Homes, said: “We are delighted to be partnering with Royal London Asset Management and ProperTies Living to bring forward these quality rental homes offering people a flexible way to access housing in this popular and well-connected area of Manchester.”
JLL advised Kellen Homes on the deal.