Funding deal paves way to Salford Quays residential development
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Manchester developer Cole Waterhouse, advised by Auxilium Real Estate, has agreed a funding package with London-based Octopus Real Estate to acquire a 0.5-acre site in Salford Quays.
Domis Construction is due to make an imminent start with demolition on the site.
Located on the corner of The Quay and Anchorage Quay, the 250,640 sq ft, L-shaped residential scheme was given the go ahead by Salford City Council in October last year.
Designed by Chapman Taylor architects, the building comprises 29 storeys, across ground and mezzanine levels, and 27 levels of residential accommodation which will offer one-, two- and three-bedroom homes.
The scheme will 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.
Cole Waterhouse has agreed to contribute £1.3m towards local projects.
This investment will see improvements made to Ordsall Park, Monmouth Park, Montford Street Park and Weaste Cemetery. Funds are also earmarked for several transport and highways improvements as well as a residents-only parking permit scheme.
Damian Flood, CEO at Cole Waterhouse, said: “Having purchased the Anchorage Gateway site we can now press ahead with the demolition.
“The development of the site forms a key part of the area’s wider regeneration programme. Located close to the tram stop at the entrance to Salford Quays, the scheme occupies a prominent position and when completed in 2023 will provide exceptional living space for the BTR (build to rent) market in an area that is highly sought after.”
Auxilium Real Estate advised Cole Waterhouse on the funding agreement and Allsop’s advised Cole Waterhouse on the site acquisition. The site was sold by clients of CCLA Investment Management, represented by JLL.
The delivery team includes WSP|Indigo Planning, structural engineers Renaissance, M&E contractors Novo, landscape architects Exterior Architecture, project managers/quantity surveyors Henry Riley with legal advice from Ward Hadaway.
Cole Waterhouse specialises in delivering medium to large mixed use, residential and student schemes.
The team has 2,743 homes in the pipeline, delivering offices, mixed use, leisure and commercial industrial space in Manchester, Leeds, the Midlands and London. Its schemes are valued at more than £800m gross development value.