£45.5m funding agreed for 290 apartment scheme at Salford Quays
A £45.5m finance facility has been agreed for a 290 unit built-to-rent scheme in Salford Quays.
Developer Cole Waterhouse secured the funding for Anchorage Gateway in a joint venture with US private equity real estate firm, Taurus Investment Holdings, LLC and their UK partner Rowan Asset Management.
The funding has been agreed with Fortwell Capital, which also funded Cole Waterhouse’s recently completed 351 apartment scheme, No1 Old Trafford.
Auxilium Real Estate advised Cole Waterhouse on the finance facility.
The construction contract has also been signed with Domis Construction, which recently completed No1 Old Trafford for Cole Waterhouse.
Ground works and piling are well underway on site and practical completion is expected to be December 2023.
Peter Merrigan, CEO of Taurus Investment Holdings, said: “Build-to-Rent is well-established in the US, where it’s known as “multifamily”. It’s still a relatively new concept in the UK but quickly gaining traction, and Manchester is an ideal market thanks to its thriving student population, young workforce and dynamic economic growth.
He added: “Manchester, along with neighbouring Salford, represents one of the UK’s strongest regional economies, is a destination of choice for students, and has proven the ability to retain extensive growth thanks to the presence of industries, like technology, finance and media.”
Nick Jacobs CEO of the Rowan group said “Cole Waterhouse have created a great scheme. We are delighted to be working with Taurus again and are focused on investing equity in development and investments in the UK.
“We have a pipeline of projects and choose to work with best-in-class partners”
Arthur Jennings, Managing Director at Fortwell Capital, said: “With the mass relocation of the UK’s media from London to Salford, we anticipate increasing numbers of young people will be drawn to Manchester seeking career opportunities and a high standard of living.
“Anchorage Gateway aligns with our appetite to fund developments in key commercial cities that are growing economically, and where there is high and rising demand for modern housing.
“Cole Waterhouse is a first-class sponsor, and we are delighted to be furthering our relationship to ensure the successful delivery of their latest scheme.”
Damian Flood, Cole Waterhouse CEO, added: “This is our first project with Taurus and we are excited that they have selected Cole Waterhouse and Anchorage Gateway as their first BTR targeted development in the UK. Raising this scale of investment demonstrates a real confidence in the UK’s growing BTR market and we’re looking forward to building on this relationship as we bring the development forward.”
Designed by Chapman Taylor architects, the 250,640 sq ft, L-shaped residential building comprises 29 storeys, across ground, mezzanine and 27 levels of residential accommodation which will offer 290 one, two and three-bedroom homes.
Anchorage Gateway will also include two landscaped terrace gardens on both the mezzanine and level 19 for residents and rooftop penthouse apartments that have extensive private terraces.
At ground level the building will offer 4,000 sq ft of commercial space and extensive areas of public realm and landscaping as well as cycle storage facilities.
The delivery team includes WSP|Indigo Planning, structural engineers Renaissance, M&E contractors Novo, landscape architects Exterior Architecture, project managers/quantity surveyors Henry Rileywith legal advice from Ward Hadaway.
