Victoria North Development Finance
Victoria North is Manchester's largest residential-led regeneration programme, and Victoria North development finance funds property projects within this transformative masterplan area. Manchester Development Finance is the specialist broker that secures competitive funding for Victoria North developers from our panel of 50+ lenders. Encompassing over 380 acres of land north of the city centre, Victoria North represents the most ambitious housing delivery programme in Manchester's modern history, with plans for approximately 20,000 new homes to be delivered over the coming decades.
The Victoria North programme is being delivered through a joint venture between Manchester City Council and Far East Consortium, bringing together public sector land ownership and planning authority with private sector development expertise and capital. The masterplan encompasses several distinct neighbourhoods including Red Bank, Collyhurst Village, and the area surrounding Victoria station, each offering different development typologies and market positions. For developers, Victoria North provides decades of pipeline opportunity in a council-backed regeneration framework with strong political and institutional support.
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Victoria North Planning Context and Masterplan Framework
Victoria North benefits from a comprehensive Strategic Regeneration Framework (SRF) that establishes the principles for development across the entire masterplan area. The SRF was adopted by Manchester City Council and provides a clear policy context for individual planning applications, giving developers and lenders confidence in the long-term strategic direction of the area. The framework sets out expectations for density, building heights, tenure mix, green infrastructure, and community facilities that will shape the neighbourhood over the coming decades.
Within the overarching SRF, individual neighbourhood frameworks guide development in specific locations. Red Bank, situated between the River Irk and Rochdale Canal, is identified for high-density residential development that will create a new city centre neighbourhood. Collyhurst Village focuses on the replacement and improvement of existing social housing alongside new private sale and rental homes, creating a genuinely mixed community. The Victoria station environs are earmarked for commercial and residential intensification that leverages the transport connectivity of this major interchange.
From a development finance perspective, Victoria North's council-backed regeneration framework provides significant comfort to lenders. The joint venture structure with Far East Consortium demonstrates institutional commitment, while the phased delivery programme creates a predictable pipeline of development opportunity. Our experience of funding regeneration-area schemes means we can present Victoria North proposals to lenders who understand the dynamics of emerging markets and value the long-term growth potential that strategic regeneration frameworks deliver.
Recent and Approved Development Schemes in Victoria North
Victoria North is in the early phases of a multi-decade delivery programme, with initial schemes now on site or recently completed that are establishing the market for subsequent phases. The scale of the masterplan means that development activity will be sustained over many years, creating a long-term opportunity pipeline for developers and lenders.
The Red Bank neighbourhood has seen the first significant residential development activity, with apartment schemes and townhouse developments establishing sales values and rental benchmarks for this emerging area. The proximity to Angel Meadow park and views towards the city centre skyline have proved attractive to buyers and tenants, validating the masterplan's vision for Red Bank as a desirable residential neighbourhood. Infrastructure improvements including new roads, pedestrian bridges, and public realm works are being delivered alongside the housing programme.
In Collyhurst, the regeneration of existing housing estates is progressing alongside the introduction of new private and affordable homes. The council's commitment to replacing outdated social housing with modern, energy-efficient homes is creating opportunities for developers who can deliver mixed-tenure schemes. The improvement of Victoria station and its surrounding area is enhancing the transport connectivity that underpins residential demand across the wider masterplan area.
For developers assessing Victoria North opportunities, the early phases of development provide both comparable evidence and the chance to establish a position in a market that will grow substantially over the coming years. Lenders are increasingly recognising the long-term value creation potential of the masterplan, and the joint venture backing provides a level of institutional support that is unusual for regeneration-area schemes.
Victoria North Market Statistics and Lender Appetite
Victoria North currently offers some of the most competitive development economics in the Manchester city centre fringe market. Residential values typically range from £275 to £375 per square foot, reflecting the emerging nature of the area while providing significant upside potential as the masterplan matures and infrastructure improvements are delivered. Rental yields average 6.0% to 7.0% gross, making Victoria North particularly attractive to build-to-rent operators and investors seeking strong income returns.
Lender appetite for Victoria North development schemes is growing as early phases establish market evidence and the masterplan's delivery gains momentum. Senior development finance is typically available at 60-70% LTC, with rates reflecting the emerging market premium that lenders apply to regeneration-area schemes. As comparable evidence accumulates from completed developments, we anticipate lending terms becoming increasingly competitive. The joint venture backing from Manchester City Council and Far East Consortium provides lenders with additional confidence in the area's long-term trajectory.
The scale of Victoria North creates opportunities for developers across a range of sizes and specialisms. From individual apartment blocks and townhouse schemes to larger phased developments, the masterplan accommodates diverse development typologies. Our panel includes lenders with specific appetite for regeneration-area schemes who understand that today's competitive entry values and strong yields represent an opportunity to participate in a generational transformation of north Manchester.
£275-£375
Price per sq ft (new build)
6.0%-7.0%
Gross rental yield
60-70%
Typical senior LTC
20
Active development schemes
Explore Neighbouring Development Areas
Victoria North connects with several established and emerging development areas around Manchester's northern city centre fringe. Developers exploring Victoria North opportunities often identify complementary schemes in these neighbouring districts, where different market dynamics and regeneration stages create a diverse opportunity set.
NOMA
£800M regeneration district immediately south of Victoria North. Co-op HQ, Angel Meadow, and major mixed-use development schemes.
Ancoats
Manchester's fastest-growing residential neighbourhood to the east. Warehouse conversions and new-build apartments with proven market demand.
Greengate
Rapid residential-led regeneration across the Irwell to the west. Tower schemes and strong rental yields at competitive values.
Related Resources
- Our Development Finance Services — Senior debt, mezzanine, and JV equity
- Case Studies — Including regeneration area development deals
- Loan Calculator — Estimate your Victoria North development finance costs
- Contact Us — Discuss your Victoria North development scheme
- All Areas — Explore development hotspots across Greater Manchester
Planning a Development in Victoria North?
Whether you're building new homes in Red Bank or delivering a mixed-tenure scheme in Collyhurst, get indicative terms for your Victoria North project within 48 hours from our specialist team.