ECF secures forward funding for 23-storey BTR scheme

CBRE Investment Management has acquired the next residential phase at Salford Central, with Morgan Sindall Construction appointed to build 196 flats.

ECF, the regeneration joint venture between Muse, Homes England, and Legal & General, was granted permission for the 23-storey scheme in October 2022. Funding from CBRE IM means work on the build-to-rent project can now get underway.

Knight Frank advised CBRE IM. CBRE and JLL advised ECF.

Max Bentham, development director at Muse, said: “The CBRE IM team is fully aligned with ECF and Salford City Council’s vision that has created a thriving destination of homes, workspace, and fantastic public amenities, in doing so creating major benefits for the wider Salford community.”

Hannah Marshall, chief investment officer in CBRE IM’s UK direct real estate strategies team, added: “Like most European cities, Manchester’s build-to-rent market is undersupplied, and high-quality assets with strong sustainability credentials, like those planned at New Bailey, are rarer still.

“We look forward to working with our partners to deliver this scheme to the market, enabling 196 new households the opportunity to rent a sustainable home in close proximity to Central Manchester.”

The project, to be constructed on land off Stanley Street known as plot C2, is the eleventh residential phase within the Salford Central masterplan.

The scheme will be constructed between the 211-home Novella, which completed in 2022, and the 424-apartment Slate Yard.

Both of those schemes were also delivered by Morgan Sindall Construction.

Simon Arnott, Morgan Sindall’s managing director for the North, said: “We’re very happy to once again be on-site at Salford Central with the ECF delivering the latest stage of its landmark plan for Salford.

“Over the years we’ve developed a collaborative and supportive relationship with the team at ECF and our local supply chain, which has been instrumental in helping this project get to the site efficiently.

He added: “Throughout the three projects we’ve worked on, we’ve fostered a commitment to using our work on these game-changing schemes to improve the skills base and economy of Salford, in addition to the long-term aim of creating much-needed new homes.”

Designed by Hawkins\Brown, C2 will feature a mix of one-, two-, and three-bedroom apartments.

The new building will also feature 3,800 sq ft of internal amenity space, including a gym, co-living, and working space, and a 1,850 sq ft roof terrace on the top floor.

To learn more about the scheme search for reference number 22/79867/REM on Salford City Council’s planning portal.

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