The development will comprise of three blocks, ranging from seven storeys to 17 storeys, and is expected to be delivered in March 2017.
Located in Salford, Greater Manchester, this is the firm’s first development outside of the south-east of England, and is a 10 minute walk from Manchester city centre.
According to Invesco’s European House View report, demand is expected to outstrip supply, driven by a millennial lifestyle and the emergence of ‘live-work-play’ environments.
The development will mean Invesco will now have 1,300 units under management.
Invesco will harness a number of partnerships to complete the project, working with Endeavour and Lagan Construction, while Greystar will act as onsite property manager.
John German, senior director of residential investments at Invesco Real Estate, said: “The location and accessibility to local infrastructure, design, configuration and quality of the scheme are key attributes for this project.”
German added: “In Manchester we have developed a product which is tailored to the local rental market and is expected to attract sharers, young professionals and young families. There is likely to be strong tenant demand for BtR in this location given limited availability of rental units.”
According to LaSalle’s European Regional Growth Index, Manchester scored above average with regards to its human capital, based on university rankings, venture capital investments and number of patents filed.
“Manchester is a key regional market and one of the UK’s most successful city-regions with a large professional hub, making it one of the UK’s centres for business, financial and professional services outside of London.”