£249m Refinancing Backs Next Chapter for Manchester’s Landmark Square Gardens
Downing has secured a £249.2 million refinancing package for two major residential towers at its £400 million Square Gardens development in Manchester, marking another significant milestone for one of the city’s largest new living schemes. The financing, provided by Bank of Ireland, covers Acer and The Fernley, the two completed co-living buildings within the wider Square Gardens development in Manchester’s First Street district. Together, the buildings provide a major concentration of new rental accommodation, with the 25-storey Acer and 45-storey Fernley forming the first two phases of the development. Both buildings are now operational, demonstrating the scale of demand for professionally managed, amenity-led rental accommodation in Manchester. Designed by Manchester-based SimpsonHaugh Architects, Square Gardens represents a substantial addition to the city’s evolving residential landscape. The wider £400 million development has been conceived as a new urban neighbourhood combining high-density living with extensive shared amenities, landscaped spaces and public realm. Residents have access to facilities including a gym and wellness centre, co-working and meeting areas, social lounges, private dining spaces and extensive landscaped gardens and terraces. Sustainability has also formed an important part of the development, with measures including air source heat pumps, while the scheme has targeted BREEAM Excellent and EPC A ratings. The refinancing represents an important financial milestone following the completion and occupation of the two buildings. Savills Capital Advisors advised Downing on the transaction. Bay Downing, joint chief executive of Downing, described the deal as a landmark transaction for the business, highlighting the strength of the company’s portfolio and growing opportunities across the living sector. The deal is also significant for the wider UK residential market. Large-scale co-living and Build to Rent developments are becoming an increasingly established component of regeneration in major regional cities, combining new housing supply with extensive shared facilities and professionally managed environments. Square Gardens has been created using Downing’s vertically integrated approach, with development, construction and ongoing management delivered by the business. This has enabled the company to take the scheme from construction through to operation within the wider group. With Acer and The Fernley now completed and backed by £249.2 million of refinancing, Square Gardens is moving firmly from major construction project to established residential destination, reinforcing Manchester’s position as one of the UK’s leading markets for large-scale rental and co-living development. Building, Design & Construction Magazine | The Choice of Industry Professionals
Why hotels and hospitality venues present unique maintenance challenges and how FM teams can overcome them
From budget hotel chains to luxury resorts and large restaurant groups, hospitality venues face some of the most complex operating environments, regulatory obligations, and maintenance requirements. These properties contain a wide variety of spaces, building systems and assets, from bedrooms and event spaces to commercial kitchens, HVAC and water systems, lifts and leisure facilities. Maintenance is therefore critical not only to compliance and long-term asset value but also to guest satisfaction and brand reputation, meaning there is little room for disruption or error, especially during periods of peak occupancy. Matt Voyle, Senior Account Executive at SFG20, the industry standard for hotel facilities management, has shared the key challenges facing hotels and hospitality venues today and why a structured approach to planned maintenance is essential for FM teams operating across the sector. A significant water-safety risk in hotels and hospitality venues is Legionella. When guest rooms, outlets, or sections of a water system are used infrequently, water can stagnate and create conditions favourable to bacterial growth. Seasonal properties and temporarily closed wings therefore require particular attention. Control should be based on a suitable risk assessment and managed by someone with the appropriate knowledge and training. Depending on the systems and the findings of the assessment, measures may include temperature control, regular flushing of infrequently used outlets, inspection, cleaning and descaling, and documented checks. FM teams can strengthen control by maintaining reliable information about their water systems and implementing a risk-assessment-led maintenance regime. Appropriate monitoring technology may support this approach, but it does not replace the required assessment, controls, and documented checks. Unlike offices or retail environments, where lower-occupancy periods allow planned maintenance to take place with minimal disruption, hotel and hospitality venues have to accommodate guests day and night. Hotels, as well as cafes and restaurants, have very small downtime windows, giving little time for anything other than routine checks. This means small issues can go unnoticed, potentially developing into larger problems further down the line. Maintenance planning must therefore avoid a one-size-fits-all approach and instead be precise and structured around the operational realities of each property rather than being generically applied across the estate. The condition and performance of hotel and hospitality buildings is highly visible to guests, meaning there’s zero room for failure. Issues with HVAC, hot water, lifts, lighting, plumbing or other facilities can quickly lead to complaints, negative reviews and lost return business. Common issues include water temperature problems, noise complaints, humidity, kitchen extract failures, false fire alarms and out-of-service lifts, which can all impact accessibility and guest satisfaction. For hotel management companies overseeing maintenance across multiple properties, consistent FM performance is essential for meeting brand standards, supporting owner and operator reporting and protecting the long-term value of assets. Large hotel and hospitality operators often manage estates spanning properties of different ages, formats, historic importance and building types, each with their own asset profiles and maintenance histories. This creates additional complexity for FM teams, particularly when managing heritage properties that may be subject to planning or conservation constraints alongside independently branded and franchised sites with different standards and owner expectations. Without a common maintenance baseline, standards can vary and compliance gaps can emerge, while inconsistencies become increasingly costly to resolve as portfolios grow. Holiday parks and resorts present a particularly complex FM environment, combining different accommodation types such as lodges, holiday homes, cottages, and apartments with commercial kitchens, dining areas, pools, gyms, entertainment facilities, and outdoor amenities. The diversity of these building types, as well as asset ages and infrastructure, combined with seasonal demand, makes it difficult for FM teams to apply a generic maintenance approach. This becomes even more complex when it comes to all-inclusive resorts, where guests have limited alternatives to facilities on site. Matt Voyle adds: “With maintenance varying from property to property, having a trusted framework for planned maintenance, organisations and venues can create a more consistent and structured approach. For hotels and hospitality organisations, that means identifying applicable maintenance tasks and recommended frequencies, distinguishing statutory requirements from industry best practice, and documenting where site-specific tailoring is needed. Hospitality estates vary widely. A strong approach combines a consistent baseline with controlled, evidence-based tailoring, creating a maintenance regime that is practical, auditable and commercially workable Download SFG20’s free e-guide, How Hotels and Hospitality FM Teams Can Improve Compliance, Control Costs and Run More Efficiently, for practical guidance on reviewing and strengthening your maintenance approach.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Local government reorganisation review: Ensuring continuity in the face of uncertainty
Karen Carter, public sector director at public procurement specialist Pagabo, has shared her thoughts following the government’s announcement on its intention to review plans for local government reorganisation (LGR) and ensure alignment with its wider plan to rewire the state. Karen said: “This week’s announcement adds another layer of uncertainty for councils that have already spent months planning for reorganisation. Four areas have had their plans withdrawn, another 14 are paused pending review, and the 2027 elections will now be fought on existing boundaries. “For the teams involved, that’s a lot more work suddenly required without a clear landing point. But the fundamentals haven’t changed. Schools still need building, homes still need delivering, and estates still need maintaining. None of that waits for a structural decision in Whitehall. The risk in moments like this is that authorities press pause on everything, not just reorganisation, and lose a year of delivery to a decision that isn’t theirs to make. It’s vital that local authorities remember that successful transition will depend not only on the governance design, but on collective leadership and the ability to maintain shared action while navigating the road ahead. “Our advice remains the same as prior to this latest government announcement. That is to keep statutory service delivery moving and focus on decisions that will be unaffected by reorganisation. This means procuring through compliant, flexible routes that transfer cleanly to whatever structure eventually emerges. Similarly, ensure contract, asset and supplier data is in order because that is the groundwork every future authority will need regardless of how new boundaries are formed. Finally, keep the relationships with your supply chain warm so that you can move quickly when clarity comes. “Uncertainty is not the same as standstill. The authorities that come through this best will be the ones that use the pause to get their house in order – rather than waiting to be told what shape they’ll be.” For more information and guidance, check out Navigating Local Government Reorganisation – which was recently published by Pagabo. Building, Design & Construction Magazine | The Choice of Industry Professionals
LaSalle Adds £300m-Plus Commitment as UK Property Mandate Reaches £1bn
LaSalle Investment Management has secured an additional commitment of more than £300 million for a UK local authority investment mandate, taking the strategy to £1 billion and providing further capital for investment across the country’s property market. The expansion represents a significant vote of confidence in UK real estate at a time when institutional investors are increasingly focused on assets capable of delivering resilient, long-term income alongside strong environmental and social performance. The mandate is being led at LaSalle by Sophie Simmonds and Philip La Pierre, with the additional capital significantly increasing the scale of the investment programme. For the UK built environment, the commitment has the potential to support further investment across property sectors where long-term institutional capital can play an important role in development, regeneration and the improvement of existing assets. Residential property, including Build to Rent (BTR), remains one of the areas attracting significant institutional attention as investors look towards professionally managed housing and other living sectors as part of diversified real estate strategies. The increase in LaSalle’s mandate to £1 billion also comes against a backdrop of continued change across the UK property investment market. Investors are increasingly assessing buildings not simply on location and rental performance, but on energy efficiency, operational performance, sustainability and their ability to meet changing occupier requirements. This creates opportunities throughout the construction and property supply chain. Institutional investment into new and existing assets can support development, refurbishment, retrofit, building services upgrades and improvements to public realm, while also creating longer-term requirements for asset and facilities management. LaSalle is one of the world’s major real estate investment managers, operating across a broad range of property sectors and investment strategies. The latest commitment provides the business with substantially greater capacity to pursue UK opportunities on behalf of its local authority mandate. With more than £300 million of additional capital now committed and the mandate reaching the £1 billion mark, the move demonstrates the continuing importance of large institutional investors to the future of the UK property market. For developers and the wider construction sector, the deployment of that capital will now be closely watched, particularly as investment opportunities emerge across residential and BTR, regeneration and other areas of the built environment. Building, Design & Construction Magazine | The Choice of Industry Professionals
Norton Rose Fulbright strengthens real estate practice with appointment of new partner
Global law firm Norton Rose Fulbright has strengthened its real estate practice in London with the appointment of Simon Woodcock as a partner. Simon joins from Goodwin Procter. He advises on a broad range of transactional real estate matters, including direct and indirect investment, landlord and tenant matters, development and asset management. His practice spans multiple asset classes, including office, retail, student accommodation, PRS and industrial. Simon has significant experience advising investors, developers, asset and fund managers, and financial institutions on high-value UK and pan-European transactions. He brings strong relationships across the real estate sector and a track record of delivering on complex mandates. His appointment further enhances Norton Rose Fulbright’s real estate offering and supports the firm’s continued growth across key sectors and markets. David Hawkins, partner at Norton Rose Fulbright, commented: “Simon is a highly regarded real estate lawyer with an impressive track record advising on major UK and European transactions. His experience, market reputation and client relationships make him an excellent addition to our team.” Simon Woodcock commented: “Norton Rose Fulbright’s international platform and sector strengths provide a compelling proposition for clients operating in today’s market. I’m excited to join the team and look forward to helping clients deliver their most important real estate projects and investments.” Simon’s appointment forms part of Norton Rose Fulbright’s continued investment in its real estate practice and reinforces the firm’s ability to support leading investors, developers and institutions on complex transactions. Building, Design & Construction Magazine | The Choice of Industry Professionals
Why Heat Pump Grant Schemes Are Quietly Raising the Compliance Bar
Australia’s Clean Energy Regulator recorded 159,848 hot water heat pump installations in 2023, nearly double the 80,895 installed the year before. In Victoria alone, more than 200,000 systems have gone in through the state’s rebate scheme, a 500% jump in demand according to Solar Victoria. Numbers like that look like a clean energy success story. They’re also exactly the conditions under which electrical safety in heat pump installation tends to slip down the priority list. When subsidy speed outpaces scrutiny Grant schemes are designed to move fast. That’s the point of them. But speed and installation rigour don’t always travel together, and Australia’s current heat pump boom is a useful case study in what happens when they part ways. Reclaim Energy’s managing director, Chris Taylor, has described a wave of “rebate chasers” entering the market: operators with no background in heating or hot water, drawn in purely by subsidy volume. He estimates roughly 90% of units now sold in Australia are effectively faux heat pumps, models built around an electric backup element that quietly does most of the work while still qualifying for a rebate meant for genuine heat pump efficiency. The regulatory response has already started. Solar Victoria now audits a share of installations under its rebate scheme, and its own findings include non-compliant or faulty switchboard wiring, unsafe termination points on pressure relief valves, and inadequate insulation against freezing. NSW’s pricing regulator has separately documented compliance certificates signed by someone other than the installer, alongside units that were simply the wrong size for the site. None of this is really a heat pump problem. It’s an installation problem that heat pumps happen to be exposing at scale. And it’s not confined to Australia. The UK’s own heat pump grant schemes have moved through a similar arc: a slow start, a push to scale up installer numbers quickly to hit targets, and the same underlying tension between speed and scrutiny that shows up wherever subsidy volume and installer capacity grow at different rates. The Australian data is simply further along and better documented, which makes it a useful early-warning read for anywhere else running a comparable scheme. The unit gets the scrutiny; the circuit doesn’t Here’s where it gets relevant for anyone specifying or overseeing residential retrofits. A typical residential heat pump and air conditioning system draws meaningfully more current than the appliance it’s replacing, particularly where a whole-home or ducted system goes into a property with an older switchboard. The equipment itself is the part everyone checks: efficiency rating, output, brand, whether it’s on the approved product list for the scheme in question. The electrical side of the install is a different story. As the Victorian Building Authority’s chief noted when discussing the sector’s rapid growth, heat pump installations aren’t a like-for-like swap. Many need a new circuit, and often a new switchboard, which means an electrician’s sign-off alongside the installer’s. That’s a second trade involved, which means a second place for a rushed job to skip a step. It’s a gap that doesn’t show up in the headline numbers. Installed capacity looks fine. Rebate uptake looks fine. Whether the circuit feeding that unit was actually assessed and tested for the new load is a separate question, and it’s the one that tends to get asked only after something’s gone wrong. Electrical safety in heat pump installation isn’t optional This is the part of the install that should be treated as a hard requirement rather than best practice: confirming the circuit can safely carry the new load, and that a proper RCD test has been carried out and recorded once it does. An RCD (residual current device) is the component that cuts power if current starts leaking somewhere it shouldn’t, and it’s the difference between a fault tripping safely and a fault becoming a hazard. This isn’t a theoretical risk attached to a niche technology. RACE for 2030’s research into home retrofits at scale found that upgrades combining insulation, efficient appliances and heat pumps could cut a typical Australian home’s energy bill by up to $1,600 a year and reduce annual emissions by close to six tonnes per property. That’s a genuine change in how a home draws and uses power, not a cosmetic swap, and the report’s authors were explicit that scaling this kind of retrofit needs independent technical guidance and proper industry accreditation alongside the appliance rollout itself. Put simply: if the retrofit is significant enough to reshape a household’s energy use, it’s significant enough to warrant checking the wiring that carries it. What developers and specifiers should actually be asking for None of this requires reinventing the installation process. It requires treating three things as non-negotiable line items rather than assumptions: None of these add meaningful cost or time to a well-run installation. They add cost only to the ones that were cutting corners already, which is rather the point. Australia’s own policy direction backs this up. The government’s updated Trajectory for Low Energy Buildings, released in 2025, extended its “fabric first” approach from new builds into the existing housing stock, explicitly linking building performance targets to how those upgrades get delivered on the ground, not just what gets installed. Compliance isn’t a side issue to that trajectory. It’s the mechanism that determines whether the upgrades actually deliver what the modelling promises. The fix here isn’t a heavier inspection regime bolted on after installation. It’s making the electrical check part of the specification from day one, the same way load capacity and unit output already are.