GMPF Forward Commits to 114-home Residential Scheme at The Foundry, Bolton Town Centre

The Greater Manchester Pension Fund (GMPF) has forward committed to purchase 114 apartments at The Foundry, a new residential development in Bolton town centre, marking a major milestone in the delivery of Bolton Council’s wider town centre masterplan.

The scheme forms a cornerstone of the council’s vision to create a more diverse, high-density residential core to drive economic growth and long-term regeneration.  The development is being brought forward by Step Places acting as developer and development finance is provided by the Greater Manchester Combined Authority (GMCA).

On practical completion, earmarked for early 2028, GMPF will acquire the completed apartments, which will be let under a single lease to Places for People.  The housing association will then let the individual homes to residents on tenancy agreements.

The Foundry will comprise 114 one and two-bedroom apartments for open market rent and forms the final piece of the wider Moor Lane masterplan.  The project also includes the completion of a new linear park, enhancing connections between Cheadle Gardens, Queen’s Park, Le Mans Crescent and the wider town centre.

Bolton Council Leader, Cllr Akhtar Zaman commented;

“Moor Lane is a key development for Bolton and one of the first to start bringing residents back into the town centre as part of our ongoing regeneration.  This latest phase will include the completion of a new linear park, adding to our growing number of improved public spaces and facilities.  This investment by GMPF shows growing market confidence in Bolton and is sure to attract further investment interest in our many upcoming projects.”

Harinder Dhaliwal, Managing Director of Step Places added:

“Step Places is proud to be delivering the final piece of the Moor Lane masterplan, including 114 one and two bedroom apartments for open market rent.  Completion of the new linear park alongside Cheadle Gardens will connect the wider town centre masterplan and routes to Queen’s Park, Le Mans Crescent and the wider town centre.  Working closely with our partners and stakeholders, Bolton Council, GMCA, GMPF and Places for People shows the power of partnership, collaboration and shared vision to bring forward such a landmark scheme.”

Colin Thomasson, Executive Director, CBRE, property advisor for GMPF commented:

“The formal commitment to deliver The Foundry represents a major milestone for GMPF and its partners, providing certainty around the completion of a high quality residential scheme at the heart of Bolton town centre.  Located adjacent to the town hall, the development is a core element of the wider Moor Lane regeneration and benefits from strong public sector support and a well established delivery partnership.

“The Foundry will deliver 114 purpose built rental homes, alongside new retail space and high quality public realm, creating a sustainable, mixed use environment in a highly accessible location.  With Bolton’s amenities, transport interchange and railway station all within walking distance, the scheme is well positioned to attract long term rental demand.

“With earlier phases of Moor Lane already complete, this commitment de-risks the final phase and enables construction to commence immediately, with practical completion expected in early 2028.  The Foundry is GMPF’s latest residential investment and demonstrates the fund’s continued confidence in build to rent as a resilient, income driven asset class, as well as the strength of public and private sector collaboration in delivering much needed homes across Greater Manchester.”

Tim Weightman, Chief Investment Officer at Places for People, said: “We are delighted to be partnering with GMPF and Step Places to bring high-quality, professionally managed rental homes to the heart of Bolton town centre. The Foundry represents exactly the type of well-connected, sustainable development that supports thriving communities.

Addressing the housing crisis across the UK means delivering the right mix of homes to match demand. By offering high-quality homes for open market rent in a prime central location, we are helping to meet growing demand for flexible living while contributing to Bolton’s long-term regeneration ambitions.”

CBRE advised GMPF on the transaction.