Cole Waterhouse has exchanged contracts to acquire a 290-flat scheme at The Anchorage in Salford Quays, from COIF Charities Property Fund.
The development has a GDV of £70m. It comprises towers of up to 29 storeys, currently pending planning consent.
It is located at the gateway to Salford Quays, which is home to a number of high density residential schemes, including homes at MediaCity UK.
The developer will decide its exit strategy based on sales at its No 1 Old Trafford development, less than a mile away, which is scheduled for completion in early 2021.
It is considering a BTR sale in parallel with for-sale, as it has done at No 1 Old Trafford.
Cole Waterhouse chief executive Damian Flood said: “This site is extremely well located, occupying a prominent position between MediaCityUK, Exchange Quay and Trafford Park, and bringing this site back into use will help further regenerate this area of Salford Quays.”
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