Developer Cole Waterhouse has appointed Leeds based BTR Capital Partners to help identify a funding partner for its Anchorage Gateway Build to Rent (BTR) scheme in Salford Quays.
Commenting on the appointment BTR Capital director Nick Wiggans said: “We’ve been working with Cole Waterhouse on Anchorage Gateway in an advisory capacity since early stages of design and planning and it’s great to now be in the position to be actively marketing it to the investment community. 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 to retail, leisure and office investments. In fact our analysis shows that we expect investor interest in quality BTR schemes like this to increase post-COVID.”
In April, the 244,955 sq ft, 290-apartment scheme was submitted for reserved matters planning which includes 15,000 sq ft of resident amenity including an 18th floor event space leading to a fantastic private terrace. It will comprise a mix of one-, two- and three-bedroom apartments across 27 levels of residential accommodation plus ground and mezzanine floors.
Damian Flood, CEO of Cole Waterhouse added: “The appointment of BTR Capital Partners to assist in bringing in a funding partner takes Anchorage Gateway another step closer to delivery. They are specialists in the BTR sector and have extremely strong links with major institutional investors in the UK and overseas.”
Designed by Chapman Taylor, Anchorage Gateway features a residents’ roof terrace which will give panoramic views right across the cities of Manchester and Salford. With a tram stop outside the development, it is just a short distance from Manchester city centre and is an easy walk or cycle to the centre of both cities. With people giving even greater consideration to accessible outside space, the scheme is well located on the waterfront and just minutes from the open public spaces and waterways at Media City.
BTR Capital’s Nick Wiggans said: “Being involved with Anchorage Gateway in the early stages has allowed us to make sure the scheme meets the needs of the residents and but also that is delivered as a highly attractive investment proposition. With a huge talent pool readily available and further regeneration plans for Salford Crescent, the University and just moments from the BBC MediaCityUK, it is arguably one of the region’s most sought after locations.”
He added: “Attention to detail makes the difference between a good scheme and a great scheme and the design team has spent a lot of time getting the detail just right. I believe that what we have got at Anchorage Gateway is an exceptional investment opportunity and with Cole Waterhouse’s strong track record of delivery, we are confident it will be received by the market with a high degree of interest.”