The Greater Manchester Property Venture Fund (GMPVF) was created by the Greater Manchester Pension Fund in 1990. It is a specialised vehicle for the LGPF to invest in property developments in Greater Manchester and across the wider North West area which generate a commercially viable rate of return. GMPVF does this through site acquisition, building design, direct property development and property letting/management. GMPF has made a £700 million allocation to GMPVF.
Since its founding, investments have been made in both commercial and residential property, in doing so facilitating economic development, long-term job creation and improving the living standards for local residents. Examples of investments include:
|INVESTMENT||USE OF FUNDS|
|Matrix Housing||Creation of joint venture to fund the construction of 240 affordable houses across the Greater Manchester region.|
|Airport City||Creation of 5 million sq ft for the construction of hotels, office space and logistics infrastructure, likely creating significant numbers of jobs.|
|Crusader Mill||Provision of loan facility for the construction of 201 apartment buildings, which will be targeted at local residents.|
|Deansgate Square||Debt funding for the construction of 350 apartment units within the city centre.|
|First St, Manchester City Centre||Addition of 170,000 sq ft of office space for both established firms and new SME enterprises.|
|Runcorn Industrial Warehouses||Provision of long lease storage units for local businesses and Mancunian industry.|
|Stockport Sorting Office||Debt funding towards the construction of 119 new apartment units and commercial spaces.|
In total, the fund has developed more than 1 million square feet of commercial buildings and funded the construction of more than 1000 housing units within the Greater Manchester area.