Institutional investors channel £40m into Thriving Investments' fund for accommodation of vital workers
In an effort to combat the rising housing crisis and soaring rents in Greater Manchester, UK-based Thriving Investments has announced the rollout of its 'New Avenue Living' platform brand across key regional cities. The initiative aims to provide affordable homes for essential workers, with a particular focus on the Greater Manchester area.
According to the UK Office for National Statistics, the median average home price in England stood at £290,000 in 2024, which is 7.7 times the average earnings of a full-time employee. This staggering figure underscores the need for affordable housing solutions, especially in regions like Greater Manchester where market rents have jumped 27.5% over the past two years.
To tackle this issue, Thriving Investments has secured initial equity commitments totalling £30m from partners such as the Greater Manchester Pension Fund (GMPF), Better Society Capital (BSC), and Places for People Group. The GMPF has also provided a £10m loan for the fund. BSC, an impact investor that has directed over £700m into social investments since its foundation in 2012, is particularly involved in this project.
The New Avenue Living Greater Manchester Housing Fund is targeting £200m. The fund will work with local Small and Medium Enterprises (SMEs) to deliver schemes of between 50-150 sustainable homes. The strategy supports the government's plan to provide much-needed affordable homes while ensuring strong, low-risk returns for pension fund members, according to Councillor Eleanor Wills, chair of the GMPF.
The fund also incorporates social impact measures, including apprenticeships, training, brownfield land regeneration, and community contributions. The strategy adopts social impact and Environmental, Social, and Governance (ESG) metrics to measure local community impact.
Marie-Alix Prat, investment manager at BSC, stated that the investment aims to provide new high-quality, affordable homes for essential workers in Greater Manchester. Greg Reed, CEO of Places for People, emphasised the need for the strategy to be agile and innovative to tackle the housing crisis. Cath Webster, CEO at Thriving Investments, reiterated the company's mission to create quality affordable homes and communities where essential workers can thrive, not just survive.
Paul Dennett, deputy mayor for Greater Manchester and Greater Manchester Combined Authority (GMCA) portfolio lead for Housing First, hailed the fund as a step towards addressing the housing crisis in the region. However, as of July 2025, there is no explicit mention or detailed data on the current status, progress, or specific outcomes of the Thriving Investments' New Avenue Living Greater Manchester Housing Fund in available search results. For up-to-date and precise information, it is recommended to consult official sources such as the Greater Manchester Combined Authority, Thriving Investments directly, or New Avenue Living communications.
- The New Avenue Living Greater Manchester Housing Fund, a £200m initiative by Thriving Investments, aims to provide new high-quality, affordable homes for essential workers while ensuring strong, low-risk returns for pension fund members.
- The fund secures initial equity commitments totalling £30m from partners like the Greater Manchester Pension Fund (GMPF), Better Society Capital (BSC), Places for People Group, and the GMPF also provides a £10m loan.
- The strategy of the fund supports the government's plan to provide much-needed affordable homes by working with local Small and Medium Enterprises (SMEs) to deliver schemes of between 50-150 sustainable homes.
- The fund incorporates social impact measures, including apprenticeships, training, brownfield land regeneration, and community contributions, to create quality affordable homes and communities that enable essential workers to thrive, not just survive.
