Morgan Sindall has started construction of the third build-to-rent block at English Cities Fund’s Slate Yard development, which as with the first two phases is being forward-funded by Legal & General.
At 21 storeys high, the building will be the tallest of the three Slate Yard towers and will comprise 199 homes, including 98 one-bedroom, 81 two bedroom and 20 three bedroom homes. AHR is the architect.
Communal facilities at ground floor level will include a gym and exercise studio, as well as a private dining room with kitchen that can be booked out for private parties. The Slate Yard sits to the left of New Quay Street at the edge of ECF’s New Bailey development on the Salford side of the River Irwell, close to Manchester city centre.
Phil Mayall, regional director at ECF, said: “The first two phases of The Slate Yard have been incredibly well received with the first building now fully occupied and the second reaching 50% occupancy within eight weeks of opening, so we’re delighted to now be starting work on the next phase of the development.
“Bringing a quality residential scheme to New Bailey has helped bring the area to life and as the wider scheme continues to expand and diversify, we anticipate that this sense of community will continue to grow.”
Dan Batterton, BTR fund manager at LGIM Real Assets, said: “It is fantastic to see our BTR vision come to life in Salford, as the community at The Slate Yard continues to grow and flourish. This next phase of development further highlights our commitment to investing into long-term and sustainable schemes, while bringing much needed quality rental accommodation to our UK cities.”
This third phase of development is expected to complete in spring 2021. English Cities Fund is a joint venture between Muse Developments, Legal & General and Homes England.