The developer has secured £50m in a forward funding agreement with Moorfield to develop a recently approved 270-apartment scheme in Salford Quays.
The Erie Basin project is for the build-to-rent market, and the 16-storey block will be built on the last available plot in the area, acquired from Peel Group.
Designed by Sheppard Robson, the 220,000 sq ft development will include a mix of one, two and three bedroom apartments, a private elevated dockside residents’ garden, ground floor amenity space and car parking.
Salford City Council awarded planning permission last month. How Planning and SGI Consulting advised Glenbrook on the application.
Graham Construction has been appointed as main contractor and will make an immediate start on site. Works are due to complete in summer 2019.
The acquisition marks the third PRS scheme by Moorfield and Glenbrook in the North West.
In September 2015, the partners completed the first phase of The Keel, a 240-apartment development at Queen’s Dock in Liverpool. Planning was recently secured for 257 apartments in phase two of The Keel.
In Manchester’s Castlefield, Glenbrook and Moorfield are on site with a 232-apartment scheme, known as The Trilogy, which is scheduled for completion in summer next year.
Ian Sherry, director of Glenbrook, said: “This latest deal further demonstrates our confidence in the build-to-rent sector in the regions. Our ability to identify suitable sites for build-to-rent and then deliver viable, best-in-class schemes, has enabled us to develop a long-term relationship with Moorfield. Erie Basin meets all the criteria when identifying suitable sites for build-to-rent. Visually, the building design is very impressive helped by its prominent dock side position. But what sets Erie Basin apart is its position next to MediaCityUK, which will provide residents with a quality address in a premium location and with excellent transport links to the wider North West.”
Brabners represented Glenbrook Property. DWF represented Moorfield.