Glenbrook secures £50m funding from Moorfield for build to rent scheme

Glenbrook's Eerie Basin site

Manchester-based property developer Glenbrook Property has agreed a £50m forward funding deal with real estate private equity specialist Moorfield for a new build to rent scheme at Erie Basin in Salford Quays.

Acquired from the Peel Group, the site is the last remaining plot to be developed at Erie Basin and, once complete, will accommodate 270 apartments in a striking 16-storey building.

Designed by award winning architects Shepherd Robson, the 220,000sq ft development will see a mix of one, two and three bedroom apartments, a private elevated dock side residents’ garden, ground floor amenity space and car parking.

The news comes after the scheme was granted planning permission by Salford City Council last month. How Planning and SGI Consulting advised Glenbrook on the application.

Graham Construction has been appointed as main contractor and will make an immediate start on site. Works are due to complete in Summer 2019.

This acquisition marks the third build to rent scheme that the joint venture is delivering in the North West.

In September 2015, the partners completed the first phase of The Keel, a 240-apartment development at Queen’s Dock in Liverpool.

Planning for Phase II at Queens Dock has also recently been secured for a further 257 apartments. In Castlefield, Glenbrook and Moorfield are currently constructing a 232-apartment scheme, known as The Trilogy, which is scheduled for completion summer next year.

Ian Sherry, director at Glenbrook, said: “This latest deal further demonstrates our confidence in the built to rent sector in the regions. Our ability to identify suitable sites for Build to Rent and then deliver viable, best in class schemes, has enabled us to develop a long-term relationship with Moorfield.

“Erie Basin meets all the criteria when identifying suitable sites for Build to Rent. Visually, the building design is very impressive helped by its prominent dock side position.

“But what sets Erie Basin apart is its position next to MediaCityUK, which will provide residents with a quality address in a premium location and with excellent transport links to the wider North West.”

Moorfield CIO, Charles Ferguson Davie, said: “Moorfield has been a pioneer of the Build to Rent sector and we are pleased to be adding Erie Basin to our platform.

“With this new project, which is next to the vibrant and growing MediaCityUK, we are aiming to deliver another landmark BTR scheme, focusing on design and professional concierge style services to create an attractive place to live.

“The BTR sector is in its infancy and we are proud to be at the forefront of it as we have been with other sectors such as student accommodation and retirement living. BTR will form a fundamental part of many cities’ wider residential strategies and we intend to develop more schemes and so help deliver much needed housing supply across the country.”

Glenbrook is an independently owned property company, which specialises in development, investment and asset management.

The company is led by directors Sherry and Guy Butler. It has been at the forefront of delivery of build to rent accommodation in the regions. Glenbrook has either completed or is constructing almost 950 apartments with a development pipeline of a further 1,000 units.

In late 2015, Glenbrook delivered The Keel, a 240 -partment development and the first dedicated PRS scheme in the North West.

Brabners represented Glenbrook Property with DWF representing Moorfield.