Renaker seeks £120m GMCA loan for two towers
A 55-storey skyscraper that forms part of the four-tower Trinity Islands cluster and the 444-apartment Bankside in Salford’s Greengate neighbourhood are in line to benefit from public cash.
The Greater Manchester Combined Authority will meet next week to approve a combined £120m of loans to Renaker from its Housing Investment Loans Fund, which would support the delivery of 927 apartments.
Renaker, one of the most active developers operating in Greater Manchester, is requesting £54.1m for Bankside and £65.6m for tower D2 at Trinity Islands.
Trinity Islands D2
The 55-storey scheme represents the first of four towers, which together will provide 1,950 apartments.
The £741m Trinity Islands scheme was approved by Manchester City Council in March last year.
The SimpsonHaugh-designed towers are divided between two 2.2-acre plots, which together are bounded by the River Irwell, Liverpool Road, Water Street and Regent Road. The plots, named C and D, are separated by Trinity Way.
The C plot is located east of Trinity Way. It would comprise two diamond-form skyscrapers with a crystalline façade. One tower would be 39 storeys, with 414 apartments. The other would be 48 storeys and have 521 apartments.
The D plot is to the west of Trinity Way. Its two towers have curved facades. One is 55 storeys – and is the subject of the loan request – with 483 apartments, while the other is 60 storeys with 532 apartments.
Bankside
Construction of Bankside is underway. Credit: via planning documents
The 42-storey building is currently under construction and is the second of three towers Renaker is building at Greengate.
The first, the 52-storey Cortland at Colliers Yard, received £37.5m from the GMHLIF and is nearing completion.
Plans for the third tower, the 518-home Parkside, were lodged late last year.
Once complete, the Renaker’s Greengate development will provide more than 1,500 homes across the three towers.
A report to the GMCA said that Bankside and D2 would “deliver a further 927 new homes, making a significant contribution to the GMHILF target to deliver 10,000 new homes and GM’s identified housing need to build around 200,000 new homes by 2037”.
The total value of offers of loans from the GMHILF approved by the combined authority to date is £656.1m. These loans are to support the delivery of more than 9,000 homes.
To date, Renaker has benefitted from £268.5m in GMCA loans for the delivery of 3,720 homes across six schemes, according to the combined authority.
