Fund manager Frogmore has brought its Cotton Quay site in Salford Quays to market.
Situated adjacent to MediaCityUK and close to the proposed £2bn redevelopment of Old Trafford, the eight-acre site boasts nearly 1km of water frontage and holds hybrid planning consent for 1,493 homes, 475 hotel beds and 31,000 sq ft of ancillary commercial space.
The site currently generates approximately £500,000 per annum through short-term leases.
Previously, Frogmore secured a £13.75m short-term refinancing facility from Leumi UK to support the asset.
At the time, Frogmore’s chief operating officer and group treasurer Andy Rogers described Cotton Quay as a site with “a lot of potential” that could help address the acute housing supply-demand imbalance in Greater Manchester.
Since that financing deal, Frogmore has been exploring an even more ambitious vision for the site. According to the agents, the project has received positive pre-application feedback for a revised scheme that expands the development envelope to 2,235 homes and 1.6m sq ft GIA.
Joint agents CBRE and Vandermolen Real Estate are marketing the site.
“Cotton Quay represents an extraordinary opportunity to shape the future of waterfront living in the UK,” said Jonathan Vandermolen, chief executive of Vandermolen Real Estate. “Its scale, prime location and dynamic mixed-use vision make it one of the most exciting projects on the market.”
Kieran McLaughlin, senior director and head of residential land north at CBRE, added: “With its proximity to major employment and cultural hubs, Cotton Quay is a once-in-a-generation chance to deliver an iconic residential community in one of the UK’s fastest-growing urban centres.”
Image from Frogmore
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