Cortland Buys Manchester BTR Tower from Renaker
Cortland announces a deal to buy a Build to Rent development in Manchester from Renaker-- named Cortland at Colliers Yard.
Multifamily real estate investment, development and management company, Cortland, with Madison International Realty as funding partner announces a deal to buy to a Build to Rent tower from Renaker. The 50 storey Cortland at Colliers Yard building in Salford, Manchester City Centre – which is part of the Greengate Colliers Yard Masterplan – is currently under development. Contracts were exchanged on 1 December.
“We are thrilled to be entering Manchester market with Cortland at Colliers Yard. We look forward to working with Renaker to realise a truly exceptional Build to Rent 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.”
Owain Thomas, Senior Director – Europe, Cortland
Cortland at Colliers Yard will deliver 559 one- and two-bedroom Build to Rent apartments with over 25,000 sq ft of amenity space. 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. Construction is underway and at level 23, with completion expected in early 2024.
“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.”
Daren Whitaker, Managing Director, Renaker
With this deal, Cortland has closed on almost 1,000 units in Q4 2021 and is looking forward to an even more robust 2022. Cortland has an attractive pipeline of Build to Rent projects across the UK – focusing on high-quality assets with market-leading service, outstanding amenities and high-end interiors.
“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.”
Alex Lukesch, Managing Director, Madison International Realty – Cortland’s partner in Cortland at Colliers Yard
Recently, Cortland and Harrison Street also announced the development of Cortland Broad Street, a 440-unit Build to Rent scheme in Birmingham. This follows the joint ventures maiden UK investment – Cortland Cassiobury, a 367 home Build to Rent scheme in Watford.
For Renaker, Manchester’s leading real estate developer with a reputation for their in-house design and build capability and quality of delivery, this deal follows several others across their large portfolio.
