A 50-storey apartments tower currently being constructed in Salford has been bought.
The tower, which is part of the Greengate Colliers Yard masterplan, will feature 559 one and two-bedroom flats with more than 25,000 sq ft of amenity space.
The building is already at level 23 and is expected to be completed in early 2024.
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Cortland, a multifamily real estate investment, development and management company, together with Madison International Realty as funding partner, have acquired the development from Renaker.
Cortland at Colliers Yard will have a three-storey brick podium level which will create a neighbourhood at street level and will include shops, restaurants, and bars.
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Daren Whitaker, managing director of Renaker, said: "Following a smooth and easy transaction with Cortland, we are excited to welcome them to Colliers Yard and the developing Greengate community of Salford.
"This is an important and exciting further step in the regeneration of the wider Greengate masterplan to deliver an aspirational and new neighbourhood to Salford and Manchester city centre. We can’t wait to see Cortland at Colliers Yard come to life."
Alex Lukesch, managing director at Madison International Realty – Cortland’s partner in Cortland at Colliers Yard – added: "We believe the º£½ÇÊÓƵ residential rental market is supported by several strong tailwinds including a significant supply/demand imbalance and rising house prices.
"While there has been substantial investment in London, we think there are exciting opportunities across the country’s major cities where the same supportive dynamics are at play, which are also seeing strong investment activity.
"We look forward to working with Cortland to bring forward this high quality build to rent venture in Manchester as we work together to expand their platform."
Owain Thomas, senior director – Europe at Cortland, said: "We are thrilled to be entering Manchester market with Cortland at Colliers Yard.
"We look forward to working with Renaker to realise a truly exceptional BTR asset in a key location, offering unmatched customer service and an unparalleled level of private amenity for our residents.
"This is a great example of Cortland working with our partners to deliver our vision of bringing Cortland’s resident-first rental living experience to the º£½ÇÊÓƵ."
