Listed residential landlord Grainger has agreed to forward fund the development of the 600-apartment Clippers Quay scheme in Salford, which is being delivered by Amstone Ventures.
The £98.7m of funding will be released over the course of three years.
Amstone purchased the four-acre site of a former multiplex cinema in July 2014 from Ask Real Estate and achieved detailed planning approval in January 2015.
The project has been designed by architect Leach Rhodes Walker as a private rented sector village concept.
The 614 flats will be delivered in five blocks, alongside an additionally 17,000 sq ft of amenity and commercial space.
Demolition of the old cinema is almost complete and Amstone aims to commence development works on site in the second quarter of this year.
Helen Gordon, chief executive of Grainger, said: “This is one of the largest build to rent developments outside of London and a major boost to our focus on growing our private rented sector portfolio. At over 600 homes, Clippers Quay adds further scale to Grainger’s established PRS platform. Once fully let, it should deliver over £7.5m of gross rent per annum. The scheme is of a scale that will enable Grainger to implement its full service private rental model.”
Savills acted on behalf of Amstone and Eversheds was its legal advisor. Grainger was unrepresented.