Cole Waterhouse has secured development funding for Anchorage Gateway, its 290 BTR targeted residential scheme in Salford Quays in a joint venture with Taurus Investment Holdings, LLC and their UK partner Rowan Asset Management. A £45.5 million 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.
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 more than 54 million square feet of residential, office, industrial, retail, and other commercial real estate assets throughout the world with a total value of over $8 billion.
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 December 2023.
“Build-to-Rent is well-established in the U.S., where it’s known as “multifamily”. It’s still a relatively new concept in the U.K. but quickly gaining traction, and Manchester is an ideal market thanks to its thriving student population, young workforce and dynamic economic growth,” said Peter A. Merrigan, CEO of Taurus Investment Holdings. “Manchester, along with neighboring Salford, represents one of the U.K.’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.”
Nick Jacobs CEO of the Rowan group said “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”
Arthur Jennings, Managing Director at Fortwell Capital, commented: “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.”
Commenting on the partnership with Taurus, Damian Flood, Cole Waterhouse CEO, said: “This is our first project with Taurus and we are excited that they have selected Cole Waterhouse and Anchorage Gateway as their first BTR targeted development in the UK. Raising this scale of investment demonstrates a real confidence in the UK’s growing BTR market and we’re looking forward to building on this relationship as we bring the development forward.”
Commenting on the existing relationship with Fortwell Capital he said: “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.”
Commenting on the appointment of Domis he said “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.”
Designed by Chapman Taylor architects, the 250,640 sq ft, L-shaped 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.
The delivery team 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.