The developer and US firm Taurus Investment Holdings have formed a joint venture to deliver Anchorage Gateway, a 290-apartment built-to-rent scheme near Salford Quays.
Cole Waterhouse, Taurus, and its UK partner Rowan Asset Management have agreed a £45.5m finance facility with Fortwell Capital, which also funded the developer’s recently completed 351 apartment scheme No1 Old Trafford.
Auxilium Real Estate advised Cole Waterhouse on the facility.
Damian Flood, chief executive of Cole Waterhouse, said: “Raising this scale of investment demonstrates a real confidence in the UK’s growing BTR market and we’re looking forward to building on this relationship as we bring the development forward.”
Taurus is a global private equity real estate firm with experience in build-to-rent, office, logistics, mixed-use, and renewable energy sectors. The firm has purchased and developed more than 54m sq ft of commercial real estate with a total value of more than $8bn.
The 29-storey Anchorage Gateway is Taurus’ first UK project.
Domis Construction is the main contractor for the development and ground works and piling are underway. Practical completion is expected in December 2023.
“Build-to-Rent is still a relatively new concept in the UK but quickly gaining traction,” said Peter A. Merrigan, chief executive of Taurus Investment Holdings.
“Manchester, along with neighbouring Salford, represents one of the UK’s strongest regional economies, is a destination of choice for students, and has proven the ability to retain extensive growth thanks to the presence of industries like technology, finance and media.”
The facility for Anchorage Gateway aligns with Fortwell Capital’s strategy to fund developments in key commercial cities that are growing economically, and where there is high and rising demand for modern housing, the lender said.
Arthur Jennings, managing director at Fortwell Capital, added: “With the mass relocation of the UK’s media from London to Salford, we anticipate increasing numbers of young people will be drawn to Manchester seeking career opportunities and a high standard of living.”
Designed by Chapman Taylor, the 250,640 sq ft residential building boasts a mix of one-, two- and three-bedroom apartments.
The delivery team includes planner WSP, structural engineer Renaissance, M&E contractors Novo, landscape architects Exterior Architecture, and project managers/quantity surveyors Henry Riley. Ward Hadaway is providing legal advice.