Renaker to secure £120m for pair of Manchester skyscrapers

The loans take the amount the developer has received from the Greater Manchester Combined Authority’s housing investment fund beyond the £500m mark.

The GMCA will meet on Friday to approve loans totalling £140m to support the delivery of two towers. The £140m figure is made up of a £120m “minimum commitment”, with the possibility of this rising to £140m should £20m of surplus become available, according to a GMCA report.

One of two towers that make up Renaker’s Contour scheme at Great Jackson Street is earmarked for £69.3m. The development would provide 494 apartments across 51 floors.

Renaker is also seeking up to £70.8m for one of four towers at the 1,950-home Trinity Islands off Regent Road. This building would provide 532 apartments within a 60-storey building.

The developer has already secured £65m for a 55-storey tower within the Trinity Islands cluster.

To date, GMCA has committed £388.2m of lending across eight Renaker developments, which will deliver a total of 4,647 new homes.

The Contour and Trinity Islands schemes in line to secure funding this week will add another 1,000 homes towards the GM fund’s 10,000-home target.

Neither of the developments feature affordable homes. Across the entirety of Trinity Islands, Renaker contributed £1.5m for a city centre school at Crown Street and £106,000 affordable housing contribution.

If the loans are approved, the value of loan offers during the lifespan of the GMHILF will rise to £942.5m. Of this, Renaker will have benefited from £508m.

This story has been updated to accurately reflect Renaker’s S106 contributions