Cole Waterhouse has appointed agents to secure £68m to fund its Anchorage Gateway build-to-rent scheme at Salford Quays.
BTR Capital Partners has been working with the developer, advising on design and planning, and will now advise on a funding partner for the 290-flat scheme.
Cole Waterhouse lodged plans for the 250,640 sq ft development in April, following outline planning approval the previous year. It intends to start on site this year.
The site is located at the gateway to Salford Quays, which is home to a number of high-density residential schemes, including homes at MediaCity UK.
Cole Waterhouse acquired the development last year, with plans to test its exit strategy based on sales at No 1 Old Trafford, less than a mile away.
BTR Capital Partners director Nick Wiggans said: “Cole Waterhouse has created an exemplar BTR scheme for the region, and we have already had a significant level of interest from investors.
“The BTR sector has remained particularly resilient during Covid-19, with rental income and cash flow remaining strong compared with retail, leisure and office investments.”
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