The Greater Manchester Pension Fund (GMPF) has granted a £31.3 million loan to support two major housing projects by Placefirst in Bolton and Halifax. The developments, Deansgate Gardens in Bolton and Cow Green in Halifax, will collectively deliver 289 all-electric homes, powered by solar panels and air-source heat pumps.

Construction has already commenced on both sites, with completion expected by 2025. The projects will include facilities such as cycle and electric vehicle parking spaces, with all units designed to meet a minimum Energy Performance Certificate (EPC) rating of B.

Councillor Gerald Cooney, Chair of GMPF, expressed the fund’s commitment to supporting affordable housing, stating, “We are proud to make this investment with Placefirst and support the government’s plan to provide much-needed affordable homes for hardworking families whilst delivering strong low-risk returns to pay the pensions of our hardworking members.”

Placefirst’s Chief Executive, David Mawson, highlighted the positive impact of the developments, saying, “This GMPF loan is a testament to the social and economic benefits our developments have been proven to deliver for local communities.”

The Bolton project, Deansgate Gardens, received £22.6 million for the construction of 167 one-and two-bedroom homes on a 2.7-acre brownfield site. The development, with a gross value of £35 million, began in early 2023 and is located in a prime area of Bolton, just five minutes from the train station. Once completed, it will feature 5,000 square feet of commercial space, communal green areas, and a new public square.

Will Church, Executive Director at CBRE, which advised GMPF on the loan, remarked, “This loan will contribute to the essential housing needed in the region, while adding real socio-economic benefits to Bolton and Halifax town centres.”

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