GMCA to pump £62m into Renaker skyscraper
Three60 will provide 441 apartments across 51-storeys in Manchester. The loan would take the combined authority’s financial contributions to the developer’s schemes beyond £100m.
GJS (Circle) Developments, a Renaker SPV, is seeking a loan of £62.3m from GM Housing Investment Loans Fund for the Manchester project.
If approved this Friday, the loan would take the amount the GMCA has given to Renaker through the fund beyond the cap of £100m. As a result, £20m of the loan could be provided through GMCA’s Growing Places Fund, should the cap be reached, according to a GMCA report.
Last December, the combined authority agreed loans of £37.5m and £32.4m from the fund to support the development of almost 1,000 apartments across two Renaker schemes, Colliers Yard in Salford and Blade, located next to Three60.
In addition, Kellen Homes is seeking a £4m loan from the GM Housing Investment Loans Fund for a 99-home scheme in Oldham.
Housebuilder Kellen, set up by Renaker founder Daren Whittaker in 2020, would use the cash to deliver 50 houses for open-market sale and unlock the wider development of a further 49 houses for affordable rent and shared ownership.