UK: Cortland, with Madison International Realty as funding partner, has acquired a 50-storey tower BTR property currently under development in Salford, from Renaker.
The tower is part of the Greengate Colliers Yard masterplan.
Cortland at Colliers Yard will offer 559 one- and two-bedroom apartments with more than 25,000 square feet of amenity space. Construction has reached the 23rd floor, and is expected to be 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.
“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 neighborhood to Salford and Manchester City Centre. We can’t wait to see Cortland at Colliers Yard come to life,” said Daren Whitaker, managing director of Renaker.
Alex Lukesch, managing director at Madison International Realty – Cortland’s partner in Cortland at Colliers Yard – said, “We believe 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, we think there are exciting opportunities across the country’s major cities where the same supportive dynamics are at play, which are also seeing strong investment activity. We look forward to working with Cortland to bring forward this high quality build to rent venture in Manchester as we work together to expand their 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.”
With this deal, Cortland has closed on almost 1,000 UK units in Q4 2021 alone and has a pipeline of BTR projects across the UK.
