McLaren Property has secured a £65 million forward funding deal, alongside Barings for a student property in Manchester.

The deal will help fund the development of St Gabriel’s Hall, a part-new-build student accommodation space. St Gabriel’s Hall has already secured planning permission for 319 rooms, totalling 104,259 sq ft, with an extra 5,005 sq ft of amenity space.

Completion for the development is estimated for Summer 2025, allowing students to move in for the 2025-26 academic year.

John Gatley, chief executive of McLaren Property, said: “Student accommodation is attracting strong investor appetite, amid what is otherwise a challenging funding backdrop, and we anticipate this will continue due to the resilience of our sector.”

Ben Pile, head of European residential investment and asset management at Barings, added: “Given the continuing supply-demand imbalance for purpose-built student accommodation in Manchester, St Gabriel’s Hall will provide an attractive proposition to students who will find the mix of quality specification, extensive amenity spaces and attractive landscaped grounds, proximity to world-class institutions and excellent transport links very appealing.”