Cole Waterhouse has secured development funding for Anchorage Gateway – its 290 home Build to Rent scheme in Salford Quays, Manchester in a joint venture with Taurus Investment Holdings LLC and their UK partner Rowan Asset Management.
A £45.5m finance facility has been agreed with Fortwell Capital, which also funded Cole Waterhouse’s recent successfully completed 351 apartment scheme No1 Old Trafford. Auxilium Real Estate advised Cole Waterhouse on the finance facility.
“This is our first project with Taurus, and we are excited that they have selected Cole Waterhouse and Anchorage Gateway as their first Build to Rent targeted development in the UK. Raising this scale of investment demonstrates a real confidence in the UK’s growing Build to Rent market and we’re looking forward to building on this relationship as we bring the development forward.”Damian Flood, CEO, Cole Waterhouse
Taurus is a global private equity real estate firm operating for over 40 years – with experience in multifamily, office, logistics, mixed-use and renewable energy sectors. Taurus has purchased and developed over 54 million square feet of residential, office, industrial, retail, and other commercial real estate assets throughout the world – with a total value of over $8bn.
“Cole Waterhouse have created a great scheme. We are delighted to be working with Taurus again and are focused on investing equity in development and investments in the UK. We have a pipeline of projects and choose to work with best in class partners.”Nick Jacobs, CEO, Rowan Group
Designed by Chapman Taylor architects, the 250,640 sq ft, L-shaped, Anchorage Gateway residential building comprises 29 storeys across ground, mezzanine and 27 levels of residential accommodation which will offer 290 one, two and three-bedroom homes.
Anchorage Gateway will also include two landscaped terrace gardens on both the mezzanine and level 19 for residents and rooftop penthouse apartments that have extensive private terraces. At ground level the building will offer 4,000 sq ft of commercial space and extensive areas of public realm and landscaping – as well as cycle storage facilities.
“With the mass relocation of the UK’s media from London to Salford, we anticipate increasing numbers of young people will be drawn to Manchester seeking career opportunities and a high standard of living. Anchorage Gateway aligns with our appetite to fund developments in key commercial cities that are growing economically, and where there is high and rising demand for modern housing. Cole Waterhouse is a first-class sponsor, and we are delighted to be furthering our relationship to ensure the successful delivery of their latest scheme.”Arthur Jennings, Managing Director, Fortwell Capital
The construction contract has also been signed with Domis Construction. Domis recently completed No1 Old Trafford for Cole Waterhouse. Ground works and piling are well underway on site and practical completion is expected to be in December 2023.
“We are delighted that we are working with Domis on a second development. They did a superb job on No 1 Old Trafford bringing the building to practical completion three months early despite all the issues caused by the pandemic.
“The Fortwell Capital team have proven their expertise and agility in helping to deliver our neighbouring No.1 Old Trafford scheme and their support will continue to be invaluable in the development of Anchorage Gateway.”Damian Flood, CEO, Cole Waterhouse
The delivery team also includes WSP|Indigo Planning, structural engineers Renaissance, M&E contractors Novo, landscape architects Exterior Architecture, project managers/quantity surveyors Henry Riley with legal advice from Ward Hadaway.
“Build to Rent is well-established in the US, where it’s known as multifamily. It’s still a relatively new concept in the UK but quickly gaining traction, and Manchester is an ideal market thanks to its thriving student population, young workforce and dynamic economic growth.
“Manchester, along with neighbouring Salford, represents one of the UK’s strongest regional economies, is a destination of choice for students, and has proven the ability to retain extensive growth thanks to the presence of industries like technology, finance and media.”Peter A. Merrigan, CEO, Taurus Investment Holdings