Renaker completes Transition acquisition 

The developer has added to its holdings at Great Jackson Street in Manchester, agreeing a deal with DeTrafford to take control of a site with consent for almost 400 apartments.

Place North West reported earlier this year that the developers were in talks over the sale of the Transition site, and Renaker – which bought the debt on the plot from London Wall last year – is now working up revised proposals.

Manchester City Council granted DeTrafford planning approval for the SimpsonHaugh-designed Transition in 2019.

The scheme comprised 399 apartments across two towers of 32 and 26 storeys and a third 18-storey block.

DeTrafford has been working with Transition investors to have their deposits returned to them so that the sale to Renaker could go ahead.

That process has now completed, and investors have either been paid back or opted to have their deposits transferred to other DeTrafford schemes, it is understood.

“We are delighted to have completed on the acquisition of this site within the Great Jackson Street framework,” said Renaker managing director Daren Whitaker.

“We have worked extremely hard with DeTrafford over a 10-month period to insure that all purchasers of the previously planned scheme have secured the full return of their deposits.

“This acquisition, alongside our existing ownership, opens opportunities that would otherwise not be possible. We are working hard at developing proposals that, subject to planning approval, will further enhance the quality of this new city centre neighbourhood being created.”

Gary Jackson, managing director of DeTrafford, said: “We are pleased to say we have now completed the sale of Transition to Renaker. It has been great to work with Daren and his team and look forward to seeing another fantastic building in the Manchester skyline.

“We believe in working together to assist with growing the Northern Powerhouse.”

Transition is located in an area that Renaker has made its own in recent years.

The developer has already delivered the 1,500-home Deansgate Square on Great Jackson Street, as well as another 664 apartments at Elizabeth Tower and Victoria Residence nearby.

At present, Renaker is on site delivering Three60 and Blade – which provide another 855 homes – and is preparing to start work on a pair of 51-storey skyscrapers nearby, for which planning approval was granted in March.