Bids in for £100m Salford skyscraper
Newmark is leading the sale of the 44-storey Anaconda Cut on behalf of a Luxembourg-based JV between Europa Capital and Atlas Residential.
Bids in the region of £100m were sought for Anaconda Cut, developed by Renaker in 2019. The deadline for offers was last Friday.
Designed by OMI Architects, the building comprises 351 flats and sits within a growing residential cluster within Salford’s Greengate district, north of Manchester city centre.
Amenity facilities within the building include a gym, a residents’ lounge on the 43rd floor, and a 14-seat cinema.
Anaconda Cut is 95% let to more than 600 “diverse and affluent” tenants and generates just shy of £7m a year in rent, according to Newmark’s marketing materials.
Europa Capital, which is majority-owned by Mitsubishi Estate, made the acquisition on behalf of its pan-European value-add fund, Europa Fund V in 2019.
The asset is one of several developed and sold by Renaker. Others include GreenGate, Manchester’s first build-to-rent development, which was sold to LaSalle, and Cortland at Colliers Yard, currently the tallest building at Greengate at 55 floors.
