LaSalle Investment Management is on the cusp of buying a large private rental development in Salford, Greater Manchester.
It has agreed to pay around £110m for One Greengate, Renaker’s 497-home scheme on the banks of the River Irwell.
Construction of the development began in 2014. The scheme comprises four buildings ranging in height from 13-31 storeys, with the tallest tower rising to 288 ft. The first phase is scheduled to complete this year.
The Homes & Communities Agency’s £1bn build-to-rent fund provided £35.1m in early 2015 to help pay for construction.
Original plans for the 1.2-acre site, designed by OMI Architects, were submitted by Manchester-based Pinnacle Developments NW, owned by Daren Whitaker who runs Renaker Build.
The site previously had consent for the 46-storey Canopus Greengate scheme, which stalled when BS Construction went into administration in 2008.
It is the fifth investment in the private rented sector by LaSalle, which last year announced its intention to invest £1bn in UK PRS.
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