GMCA lends Renaker £70m for pair of skyscrapers
The combined authority has agreed loans of £37.5m and £32.4m from its Housing Investment Loans Fund to support the development of almost 1,000 apartments across schemes in the Greengate area of Salford and the Great Jackson Street regeneration zone in Manchester.
Salford City Council granted consent for the 50-storey tower, comprising 559 apartments, in March. The Greater Manchester Combined Authority has approved a loan of £37.5m for the construction of the skyscraper, which began in November. Renaker’s will be the first building in a 1,500-apartment cluster around Collier Street and Greengate, with outline permission in place for two further towers, both of 42-storeys.
One of a pair of 51-storey towers, the other known as Cylinder, approved by Manchester City Council in July. Blade will comprise 414-apartments and is located within the Great Jackson Street regeneration zone on the fringes of the city centre.
The GMCA has approved a loan of £32.4m for Blade.
Neither Collier’s Yard nor Blade contains provision for affordable housing.
Following the approval of the loans for Renaker’s projects, the total amount awarded from the fund has surpassed £500m. The four completed towers at Deansgate Square also received large public finance from GMCA housing fund loans.