English Cities Fund has received £55m funding from CBRE IM for a 196-home tower in its Salford Central masterplan.
Plot C2 is a 23-storey building which will be located in the New Bailey business district, on the bank of the River Irwell.
It will be built between the 424-home Slate Yard and 211-home Novella, both of which were also delivered by ECF, a partnership between Muse, Homes England, and Legal & General.
The Hawkins Brown-designed building will also feature 3,800 sq ft of amenity space for residents, including a gym, co-living and working space, and an 1,850 sq ft roof terrace on the twenty-second floor.
The building is part of the 45-acre Salford Central masterplan that comprises of up to 864 homes, a 390-bed hotel and 2.1m sq ft of office space.
Hannah Marshall, chief investment officer for UK direct real estate strategies at CBRE IM, said: “Like most European cities, Manchester’s BTR market is undersupplied, and high-quality assets with strong sustainability credentials, like those planned at New Bailey, are rarer still.
“We look forward to working with our partners to deliver this scheme to the market, enabling 196 new households the opportunity to rent a sustainable home in close proximity to Central Manchester.”
ECF was advised by JLL; CBRE IM was advised by Knight Frank.
Check out occupational sale comparables in Salford >>
Image © Hawkins Brown
Send feedback to Akanksha Soni
Follow Estates Gazette
