£70m funding deal backs two major residential schemes

The Blade, Manchester

Greater Manchester Combined Authority has approved funding deals totalling £70m for two major residential schemes by Renaker that will add nearly 1,000 apartments to the housing stock.

The GM Housing Investment Loans Fund will lend £37.6m to support the development of Collier’s Yard in Greengate, Salford, and £32.4m for The Blade in Manchester city centre.

Colliers Yard received planning permission in March for the proposed 559 apartment scheme. It is part of a wider masterplan for the area, with outline consent having been given for plans to bring forward two further buildings with around 1,000 apartments and the re-use of the Grade II-listed former Collier Street Baths.

The Blade in Manchester is a 414-apartment development, which received planning approval in August. It is part of the Crown Street redevelopment which includes Victoria Tower, Elizabeth Tower and The Cylinder.

Neither site has any affordable housing provision, but the section 106 commitments include a public park for each site and the part-construction of a primary school with The Blade.

After the commitment of the latest funding, the GM Housing Investment Loans Fund will have approved loans of more than £500m, along with equity investments of £17m.