Trafford Build-to-Rent Scheme Moves Towards £250m Funding 2026

Key Points

• Cole Waterhouse is on the verge of getting funding from HEIM Global Investor for two apartment blocks in Trafford.
• The project will deliver 382 housing units on the former Hilti site located off Wharfside.
• It will cost £250m and is part of the £7.3bn Old Trafford Regeneration masterplan.
• The two apartment blocks will have 24 and 18 floors respectively.
• According to the planning documents, the apartment blocks will be developed before the construction of a 412-unit purpose-built student accommodation block.
• Last year, Cole Waterhouse obtained planning permission for over 800 housing units in the site.
• Furthermore, it has received £26m from the Greater Manchester Combined Authority’s Good Growth Fund.
• Cole Waterhouse said it aims to be on site by the end of 2027.
• While HEIM’s backing was previously reported for one apartment block, new documents reveal that it is seeking funding for both blocks.
• HEIM Global Investor was approached for comment.

Trafford (Manchester Mirror) September 25, 2026 – The most significant development is the expected funding agreement for both apartment blocks, because it could allow the first phase of the Trafford scheme to move towards construction.

Cole Waterhouse Trafford funding is close to being secured as HEIM Global Investor advances talks to finance two apartment blocks containing 382 homes in the Old Trafford regeneration area, according to a report by Dan Whelan of Place North West.

The funding would support the first residential phase of a wider £250m development planned for the former Hilti site off Wharfside. The project is one of the early schemes associated with the £7.3bn Old Trafford Regeneration masterplan.

Planning documents submitted to Trafford Council this week show that the project’s phasing arrangements have been updated. Under the revised plan, the two apartment blocks would be delivered first, followed by a separate purpose-built student accommodation building containing 412 units.

What is planned for the Trafford site?

The scheme was designed by Chapman Taylor Architects and includes two residential towers. One would rise to 24 storeys, while the second would reach 18 storeys.

Together, the apartment buildings would provide 382 homes. The development is intended to form part of the wider regeneration of the Trafford Wharfside area, where several schemes are expected to contribute to a substantial expansion of housing, employment and supporting infrastructure.

The site is the former location of Hilti, off Wharfside. Cole Waterhouse secured consent for more than 800 homes on the land last year. The approved wider scheme includes the 382 homes in the two apartment blocks, as well as the 412-unit purpose-built student accommodation block identified in the updated phasing documents.

The revised phasing plan is important because it sets out a different delivery sequence for the site. Rather than progressing the apartment buildings separately from one another, the documents indicate that both blocks could be advanced as part of the first phase.

Why is HEIM Global Investor involved?

HEIM Global Investor’s involvement in the £250m scheme was already known. However, the original expectation was that the investment fund would support one of the two apartment buildings.

The updated planning documents indicate that HEIM is now close to agreeing funding for both apartment blocks. As reported by Dan Whelan of Place North West, the planning documents state: “HEIM are keen to deliver both blocks together.”

The statement suggests that the proposed investment structure has developed since the funder’s involvement was first identified. If the agreement is completed, HEIM’s backing could provide funding for the whole 382-home apartment phase rather than only one tower.

The documents do not confirm that the funding deal has been formally completed. They indicate that HEIM is in advanced talks and that the funder is close to signing an agreement. Place North West reported that HEIM was contacted for comment.

What did Cole Waterhouse say?

Damian Flood, chief executive of Cole Waterhouse, said the developer was pleased to be progressing the site as part of the wider Trafford Wharfside regeneration zone.

As reported by Dan Whelan of Place North West, Flood said:

“We are excited to be bringing forward this key site within the wider Trafford Wharfside regeneration zone.”

He added:

“Working with our partners at HEIM, and with the funding support we received from the GMCA we plan to be on-site by the end of 2027 delivering the first new build-to-rent homes.”

Flood’s statement identifies the apartment buildings as new build-to-rent homes. It also links the proposed construction programme to two sources of support: HEIM Global Investor’s expected funding and financial assistance previously secured from the Greater Manchester Combined Authority.

The developer’s stated target is to begin work by the end of 2027. That is a proposed timetable rather than a confirmed construction date, and progress will depend on the completion of funding arrangements, planning processes and other development requirements.

How will the development be phased?

The updated phasing plan submitted to Trafford Council proposes that the two apartment blocks should be delivered before the purpose-built student accommodation block.

The first phase would therefore consist of the 24-storey and 18-storey apartment buildings, providing 382 homes. The second stage would involve the 412-unit student accommodation block.

The revised arrangement could allow the residential element of the scheme to proceed as a combined package. It also means the two apartment buildings would be developed together rather than being separated into different funding or construction stages.

The planning documents do not state that all work has been authorised to begin immediately. Instead, they update the intended sequence of delivery and identify the expected role of HEIM in funding the two apartment blocks.

What funding has already been secured?

Cole Waterhouse secured £26m from the Good Growth Fund in connection with the wider development. The fund is supported by the Greater Manchester Combined Authority, commonly known as the GMCA.

The financial support is separate from the expected HEIM funding discussions. Cole Waterhouse said the scheme would be brought forward with its partners at HEIM and with the funding support received from the GMCA.

The available report does not provide a detailed breakdown of how the £26m would be allocated across the residential and student accommodation elements. It also does not disclose the value or final terms of the proposed HEIM investment.

The total value of the scheme has been reported as £250m. That figure covers the wider development rather than only the two apartment blocks, and the available information does not provide a separate cost for the 382-home phase.

What is the wider Old Trafford regeneration plan?

The scheme sits within the Old Trafford Regeneration masterplan, which has a reported value of £7.3bn. The masterplan is intended to support large-scale change across the area, with new development expected to include housing and other forms of urban regeneration.

The Cole Waterhouse project is described as one of the first schemes to come forward within that wider plan. Its progress could therefore become an early indicator of how quickly individual developments can move from planning consent and funding discussions towards construction.

However, the project remains one part of the broader regeneration programme. The reported information does not provide a full timetable for other schemes within the masterplan, nor does it confirm how the delivery of the Cole Waterhouse site would affect other developments in the area.

When could construction begin?

Cole Waterhouse has said it plans to be on site by the end of 2027. The target was given by Damian Flood in comments reported by Place North West.

Before construction can begin, the developer must complete the proposed funding agreement with HEIM and continue to meet the requirements attached to the approved scheme and its updated phasing plan. The report does not identify a final date for the funding agreement or a confirmed start date for construction.

The first construction stage would comprise the two apartment towers if the revised phasing plan is implemented. The student accommodation building would follow under the sequence described in the planning documents.

The difference between a target date and a confirmed programme is significant. A target indicates the developer’s intention, while the actual timetable may depend on funding, contractor arrangements, site preparation and further planning matters.

Who would the homes serve?

The two apartment blocks would deliver new build-to-rent homes. This means the apartments would be intended for residents seeking rented accommodation rather than homes sold individually to owner-occupiers.

The available report does not state how many of the homes would be affordable, provide details of apartment sizes or confirm the proposed rent levels. It also does not specify the final mix of one-bedroom, two-bedroom or larger homes.

The proposed 412-unit student accommodation building would serve a different part of the housing market. Its inclusion in the wider scheme means the approved development would combine build-to-rent housing with purpose-built student accommodation.

More detailed information about the eventual residents, rents, amenities and management arrangements was not included in the report.

Why is the updated plan significant?

The principal change is the proposed funding of both apartment blocks by HEIM Global Investor. Earlier expectations suggested that HEIM would support one building, while the updated planning documents indicate a preference to deliver both blocks together.

That could simplify the first residential phase by placing the two towers within a single funding and delivery package. It could also help Cole Waterhouse move towards its stated objective of beginning construction by the end of 2027.

The update does not, however, confirm that the funding has been finalised. The documents describe HEIM as being close to securing an agreement, and the funder had not provided a comment at the time of the Place North West report.

What remains unclear?

Several details have not yet been confirmed. These include:

• The final date on which HEIM’s funding agreement will be signed.
• The total value and terms of HEIM’s investment.
• The contractor responsible for construction.
• The final start date for work on the site.
• The detailed design and housing mix within the two towers.
• The rent levels and affordability arrangements for the build-to-rent homes.
• The timetable for the 412-unit student accommodation block.
• The final construction programme for the full £250m scheme.

These points may become clearer when the funding agreement is completed, further planning information is published or the developer announces the next stage of the project.

Background to the development

The former Hilti site off Wharfside forms part of the Trafford Wharfside regeneration zone. Cole Waterhouse secured planning consent for more than 800 homes on the site last year, while the wider project also includes a 412-unit purpose-built student accommodation block.

The development is linked to the Old Trafford Regeneration masterplan, reported to be worth £7.3bn. Cole Waterhouse has received £26m from the GMCA’s Good Growth Fund, providing public financial support for the wider scheme.

Chapman Taylor Architects designed the two proposed apartment towers, which would rise to 24 and 18 storeys. The latest planning documents propose delivering those buildings first, before the student accommodation phase.

HEIM Global Investor’s role had previously been associated with one apartment block. The latest documents indicate that the investor is in advanced talks to fund both buildings, which would provide 382 homes in total. Place North West reported the development and attributed the coverage to journalist Dan Whelan; HEIM was contacted for comment.

How could this affect Trafford residents and renters?

If the funding agreement is completed and the scheme proceeds as planned, the development could add 382 new build-to-rent homes to the Trafford Wharfside area. That would increase the supply of purpose-built rented accommodation, although the available information does not confirm the rent levels or affordability of the homes.

Residents could also see construction activity connected with the first phase before the proposed student accommodation is delivered. The scale of the two towers means the project may affect the local environment, traffic and nearby businesses during construction, although specific impacts have not yet been published in the available report.

For the wider regeneration programme, progress at the former Hilti site could demonstrate that an approved scheme has moved closer to delivery. The effect on the area will depend on whether HEIM completes the funding agreement, whether Cole Waterhouse meets its target to be on site by the end of 2027 and how the later student accommodation phase progresses.