The Liverpool-based developer has bought a site in Salford’s Greengate, with planning permission for 300 flats across two towers, for £7.1m. The scheme will be renamed The Residence.
Silverlane, a privately owned and financed property company based overseas, announced its plans last year for a £70m development on a surface car park near to the River Irwell and Abito Building. The scheme will be made up of two interconnected buildings of 14 and 33 storeys.
Salford City Council granted planning permission for the Jeffrey Bell-designed project in December.
Falconer Chester Hall has been appointed project architect, and WYG is project manager. Urbanbubble will oversee lettings and block management.
Work is expected to start on site in the summer.
The scheme is Elliot Group’s first in Greater Manchester.
Elliot Lawless, managing director of Elliot Group, said: “We wanted a maiden project that demonstrated our capability and our focus on high quality urban design and when the Greengate site came to us ready-packaged with planning permission we didn’t hesitate.
“Manchester’s market continues to grow as it consolidates its position as Britain’s second city and we’re expecting a very positive response when we launch our global sales campaign for the apartments in the first week of March.”
Cert Property Manchester represented the vendor in the sale.