Renaker buys Trinity Islands from Allied London
Renaker has bought the 1,400-home Trinity Islands site from fellow developer Allied London, including the delivery of what will be Manchester’s tallest tower.
Allied London started the search for a joint venture partner for the first phase in February 2018, appointing CBRE to manage the process, and Renaker has now agreed a deal to buy the site from Allied London.
Under the current planning permission, secured in July 2017, the first phase, known as Site D, will include the construction of three towers – X, Y, and Z – the largest of which, Tower X, will reach 67 storeys, making it Manchester’s tallest building, three storeys higher than Renaker’s highest tower currently being built at Deansgate Square. Tower Y is 37 storeys, while Tower Z is 26 storeys in height.
The towers in phase one would be linked by a podium containing commercial space.
Designed by architect Child Graddon Lewis, the proposal for Trinity Islands includes two remaining residential towers, on Site C, of 41 and 26 storeys to the north of Site D which were originally to be developed as part of Trinity Islands’ second phase. Overall, Trinity Islands could deliver around 1,400 apartments and 150,000 sq ft of commercial and leisure space.
Under the deal, Renaker is set to deliver both Sites C and D.
Renaker has already established Trinity Developments Manchester at Companies House as its SPV to deliver the project. The company delivers all its projects through its in-house construction arm. The terms of the deal were not disclosed.
At the time of announcing the plan to sell the site in February, Allied London said it hoped it could be on site this year, subject to a Section 106 agreement being signed.
Once the deal concludes, Renaker will be the developer behind Manchester’s two tallest buildings, its 64-storey tower at Deansgate Square already well advanced.
In August, L&G Investment Management exchanged contracts on a deal to buy one of the towers at Deansgate Square; the 44-storey tower, which has already topped out. Deansgate Square features a further two towers, and construction of the third tower has recently started.
Just behind Deansgate Square, Renaker has also started groundworks at Crown Street, where the developer will deliver two towers of 51 and 21 storeys including 664 one to three-bed apartments. Main works are anticipated to start in the coming months.
Michael Ingall, chief executive of Allied London said: “Since obtaining planning consent we have been looking for a development partner for Trinity Islands to ensure that the site is developed as a key area relating to St John’s and Castlefield.
“Daren Whitaker and his team at Renaker have a proven track record as a residential developer and contractor in Manchester and are one of the few capable of developing the site and building high. I have every confidence that Renaker will make the project a huge success.
“Allied London can now focus completely on delivering our other important Manchester developments, such as the St. John’s masterplan and Enterprise City.@
Daren Whitaker, chief executive of Renaker, said: “We are delighted to have acquired the Trinity Islands sites and are excited at the prospect of creating a new and aspirational place to work, live and enjoy life through the delivery of high-quality real estate in this strategically important part of Manchester.”
Allied London was advised by Shoosmiths LLP and CBRE.