The JV has bought Ferrous — a former industrial site on Chapeltown Street in Manchester — from Capital&Centric.

The Ferrous development will create 107 rental apartments, with planning permission already in place and a contractor lined up. The first of these homes are to be completed by mid-to-late 2028.

Now, Ferrous will be able to receive a share of the JV’s £860m of investment set aside for the partnership.

This partnership is supported by Homes England’s newly launched National Housing Bank.

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“We realise the greatest positive impact for communities is only achieved by working alongside partners, including Swiss Life Asset Managers and Capital&Centric, who share our mission to increase the supply of quality rental homes and drive regeneration,” said Simon Century, CEO at the National Housing Bank.

“Joint ventures like the Impact&Places partnership exemplify the ambition of our newly launched National Housing Bank to unlock projects and accelerate delivery at scale.

“This first project in Manchester demonstrates our ongoing efforts to deliver for communities across the country.”

John Moffat, joint managing director at Capital&Centric, added: “This is a landmark moment for us to be putting our plans into action and getting on with delivering high-quality homes in the places that need them most.

“By bringing together public and private investment, we are unlocking underused brownfield land and turning it into thriving, sustainable neighbourhoods with long-term social impact.”