Contracts have now been exchanged on the 50-storey Build-to-Rent (“BTR”) tower currently under development in Salford (Manchester City Centre). Cortland, a multifamily real estate investment, development, and management company who have bought the property will name the tower ‘Cortland’.
Cortland at Colliers Yard has already reach level 23 and when complete will offer 559 one- and two-bedroom apartments with more than 25,000 square feet of amenity space and is expected to complete early in 2024.
The glass clad tower has a three-storey brick podium level which will create a neighbourhood at street level and will include shops, restaurants, and bars. The scheme will also include the creation of a public park for the benefit of the wider neighbourhood.
Daren Whitaker, Managing Director of Renaker said:
“Following a smooth and easy transaction with Cortland, we are excited to welcome them to Colliers Yard, and the developing Greengate community of Salford. This is an important and exciting further step in the regeneration of the wider Greengate masterplan to deliver an aspirational and new neighbourhood to Salford and Manchester City Centre. We can’t wait to see Cortland at Colliers Yard come to life.”
Alex Lukesch, Managing Director at Madison International Realty – Cortland’s partner in Cortland at Colliers Yard – said:
“The UK residential rental market is supported by several strong tailwinds including a significant supply/demand imbalance and rising house prices. While there has been substantial investment in London, there are exciting opportunities across the country’s major cities which are also seeing strong investment activity. We look forward to working with Cortland and kicking this latest build to rent venture off in Manchester as we work together to expand their first-class platform.
We are thrilled to be entering Manchester market with Cortland at Colliers Yard,” said Owain Thomas, Senior Director – Europe at Cortland. “We look forward to working with Renaker to realise a truly exceptional BTR asset in a key location, offering unmatched customer service and an unparalleled level of private amenity for our residents. This is a great example of Cortland working with our partners to deliver our vision of bringing Cortland’s resident-first rental living experience to the UK.”
Cortland has an attractive pipeline of BTR projects across the UK that is focused on high-quality assets with market-leading service, outstanding amenities, and high-end interiors.