GMI Construction Group PLC

Alternative asset manager, Cheyne Capital, and contractor GMI Construction Group announce the practical completion and launch of its 144 home Impact Build-to-Rent (BTR) scheme, in the emerging New Cross neighbourhood of Manchester.

Poplin, named in honour of the fabric used to manufacture coats on the same site in the Second World War, will open its doors to residents later this month.

The brick-clad scheme includes a mix of design-led one-, two- and three-bedroom apartments. 35 per cent. of the homes are reserved for local key workers at meaningfully discounted rents, over and above local authority planning requirements, and all homes have capped rental increases to offer longer-term certainty for residents.

Marc Banks, Divisional Managing Director North West at GMI Construction Group, said: “We’re pleased to hand over this striking building in New Cross. This scheme is a jewel in the crown of one of the most exciting new areas of Manchester. We’re delighted with what has been achieved, working in partnership with Cheyne and the whole project team. The quality of the product is impressive and epitomises what GMI is all about.”

Designed by award winning practices Tim Groom Architects and YOUTH Studios, Poplin contains 3,500 sq ft of contemporary amenities including a residents’ lounge, co-working spaces, private dining room, 10-storey atrium space and a communal roof terrace with a stunning view of Manchester.

Tim Groom, of Tim Groom Architects, added: “It has been a pleasure to work on this project and the whole team have worked incredibly hard to get all the details right and deliver a building of the highest quality. The façade draws on the familiar warehouse typologies that are so well associated with Manchester and the round headed archways are reminiscent of the nearby market hall. We are committed to creating designs which appreciate context and add value to places and communities and we are proud of the positive contribution this development makes to an increasingly vibrant area of the city.”

Poplin will be operated by Native Residential who already operate the award-winning Kampus scheme in Manchester. Through Native’s pioneering Neighbourhood Hero programme, Poplin will collaborate with local, independent businesses and charities in Manchester.

Jack Greenhalf, Development Manager at Cheyne Capital, concluded: “Poplin is in a fantastic location within the thriving city of Manchester. New residents will benefit from the existing offering of neighbouring Ancoats along with additional new developments to the New Cross area. With a unique brick façade, quality of design has clearly been at the forefront throughout this development. Residents will benefit from high quality, fully furnished apartments and a wealth of amenities with their well-being in mind.

In the current cost of living climate, Poplin will provide renters with longer term security and cost certainty, offering capped annual rental increases for all residents, as well discounted rents for key workers. Set against the current inflationary rental market, these provisions are particularly impactful and have received the full support of local stakeholders. We look forward to delivering a continued pipeline of Impact BTR schemes across the UK.’

ENDS

Photo Caption: The 144 home Impact Build-to-Rent Scheme in New Cross, Manchester

News release issued on behalf of GMI Construction Group PLC

Notes to editor

For all media enquiries:

Cheyne Capital:

Prosek Partners

Pro-Cheyneuk@prosek.com

About GMI Construction Group

GMI Construction Group PLC is an established and successful UK contractor and construction services company providing specialist design and build capabilities spanning multiple sectors.

Having celebrated 35 years in 2022, the company has a proven track record for the delivery of high quality, energy efficient, often complicated projects from inception to completion with a strong focus on innovation and technology.

It operates across multiple sectors and markets including commercial offices, mixed-use buildings, residential, retail, education, distribution and logistics, manufacturing, hotels, and leisure.

Driven by strong core values, its focus is on exceeding customers’ expectations to leave a positive legacy in the communities we serve, protecting the environment for the future generation and promoting a safe and inclusive workplace for our colleagues.

About Cheyne Impact Real Estate

Alternative investment manager Cheyne Capital launched its first Social Property Impact Fund in November 2014 and second Impact Real Estate Trust in April 2020 in order to help tackle the chronic shortage of affordable housing solutions in the UK. Cheyne Impact Real Estate is a socially responsible landlord which delivers property for use as affordable and specialist housing. The strategy forms part of Cheyne Capital Real Estate which has provided financing solutions since 2009 and which now manages approximately half of the firm’s £9 billion in assets across social impact equity, direct real estate lending, securitised European real estate debt and selective special situations.

About Cheyne Capital

Founded in 2000, Cheyne Capital is a London-based alternative investment fund manager. Cheyne is known for its innovative approach and specialises in identifying and capturing compelling long-term investment opportunities presented by market dislocations and inefficiencies. With an investment philosophy grounded in rigorous fundamental analysis, the firm’s areas of expertise are Real Estate Debt, Impact Real Estate, Investment-Grade Credit, Strategic Value Credit and Equity-Linked investing.

Cheyne Capital Management (U.K.) LLP is authorised and regulated in the U.K. by the Financial Conduct Authority, and registered as an Investment Adviser in the U.S. by the Securities and Exchange Commission. Cheyne is a signatory to the United Nations-supported Principles for Responsible Investment (PRI), a member of the Alternative Investment Management Association (AIMA), a founding member of the Alternative Credit Council and one of the initial signatories to the Standards Board for Alternative Investments (SBAI).

About Tim Groom Architects

Tim Groom Architects is an award-winning Manchester-based practice that works throughout the UK, delivering schemes with a construction value between £5M and £100M. Poplin is the fifth scheme the practice has delivered in the Ancoats and New Cross area of the city.