Decision

That approval is given in relation to the 3% allocation to Greater Manchester Property Venture Fund, approved by Panel on 17 July 2026. For GMPVF to provide a Development Loan Facility of up to £52m, for the comprehensive refurbishment of a Manchester City Centre office.

Reasons for the decision

An allocation of 3% of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 17 July 2026.

The proposal is an opportunity for GMPF to provide a senior debt facility, to part finance the comprehensive refurbishment of a well-located office building, to provide a high-quality, Grade A modern office building.

The borrower is a JV formed by an experienced office developer and a well-funded UK Investment Manager.

CBRE in their role as non-discretionary manager to GMPVF, has carried out due diligence on the opportunity and recommends that GMPVF provides the loan facility of £52m.

Alternative options considered

The Local Investments team and CBRE review development opportunities on a regular basis. Other development opportunities have been assessed but not progressed at this stage.