A master plan for the wider area of Pomona Island is expected next year. Credit: Peel L&P
Federated Hermes has acquired a proposed two-block scheme in Manchester for an undisclosed amount on behalf of its housing arm Hestia, adding to the first phase it already owns.
Peel L&P last week opened a public hearing on the second phase of Pomona Wharf.
The project was designed by AHR Architects and includes 162 apartments for rent across blocks of 12 and 14 floors.
It sits next to the first phase of Pomona Wharf, which was completed in 2017.
Both blocks are located within the wider Pomona Island, branded by Peel L&P as Manchester Waters.
Pomona Island is a 26-acre piece of land that sits between the Bridgewater Canal and the Manchester Ship Canal west of the city center and is located above Trafford, Salford and Manchester local government areas.
Vista, a fund set up by Hermes Investment Management and Countrywide, bought the first phase of Pomona Wharf with 164 homes in 2016 for around £ 23m. Before its completion.
The first phase was then absorbed by Hestia when Federated Hermes — which was set up after Federated Investors bought a controlling stake in BT Pension Fund-backed Hermes Investment Management in 2018 — launched the housing division late last year.
Other Hestia assets include The Cargo Building, a 324-unit residential plan in Liverpool.