Fortwell Capital has provided a new €53.4m (£45.5m) development finance facility to developer Cole Waterhouse, enabling the construction of Anchorage Gateway, a residential development comprising 290 PRS apartments in Greater Manchester. The deal represents Fortwell’s first PRS facility as the business continues to diversify its loan book, targeting key growth sectors and regions.
Situated in Salford Quays, within proximity to Media City UK, the Anchorage Gateway site provides favourable access to Europe’s largest purpose-built creative, digital and technology-focused community. Other neighbouring landmarks include Lowry Theatre, Outlet Shopping Centre, and Old Trafford Football and Cricket Stadiums. The deal furthers Fortwell Capital’s strategy of lending to high-quality residential schemes in key regional cities where there is high demand for contemporary living, with Anchorage Gateway serving the increasing demand of Salford’s young residential market, triggered by the growing commercial importance of Media City UK.
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.”
Damian Flood, CEO of Cole Waterhouse, commented: “This development sits in an ideal location, with outstanding transport links to Manchester City Centre, located just 2.5km away. 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.”
