A stalled Manchester mid-rise residential scheme is finally set to move after a new public-private funding partnership stepped in to unlock delivery.

The 15-storey Ferrous tower in Piccadilly East – first approved more than four years ago – can now push towards site start after being transferred into the £860m Impact&Places Fund backed by Homes England, Swiss Life Asset Managers and Capital&Centric.

The 107-flat scheme off Chapeltown Street becomes the first deal for the fund, which aims to deliver 2,250 homes in underinvested parts of England over the next decade.

The partnership structure sees Swiss Life and Capital&Centric hold a combined 60% stake, with Homes England taking the remaining 40%, blending public backing with institutional capital to get schemes moving.

Ferrous forms part of the wider Piccadilly East regeneration and will deliver rental flats alongside a rooftop terrace, amenity space, two pocket parks and a new flexible venue dubbed The Cabin.

The deal is being supported by Homes England’s £16bn National Housing Bank, designed to crowd in private investment and accelerate housing delivery at scale.

With planning already secured and a contractor lined up, work is now expected to start later this year, with completion targeted for mid-to-late 2028.

John Moffat, joint managing director at Capital&Centric, said: “This is a landmark moment for us to be putting our plans into action and getting on with delivering high-quality homes in 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. This is only the beginning, with further projects set to be unveiled later this year.”