£50m deal to fund 16-storey development in Salford Quays

Developer Glenbrook Property has signed a £50m forward funding deal with investment firm Moorfield for a build-to-rent scheme in Salford Quays.

The project, located at Erie Basin, will create 270 apartments across a 220,000 sq ft, 16-storey building.

Designed by architects Shepherd Robson, the development will house a mix of one-, two- and three-bed apartments along with a private elevated dockside garden, parking facilities and ground-floor amenity space.

Manchester-based Glenbrook acquired the site – the last to be developed at Erie Basin – from Peel Group.

The firm was advised by How Planning and SGI Consulting on the application, which was given the greenlight last month by Salford City Council.

Building company Graham Construction is on board as the main contractor.

Glenbrook director Ian Sherry commented: “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.”

He continued: “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.”

The chief investment officer at Moorfield, 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.”

He added: “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.”

Law firm Brabners acted for Glenbrook Property on the deal. DWF represented Moorfield.

Graham Construction will now make an immediate start on site. The project is due for completion in Summer 2019.

The project is the third build-to-rent scheme being delivered in the North West by the Glenbrook Moorfield joint venture, following on from The Keel in Liverpool and The Trilogy in Castlefield.

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