Work will go-ahead on the last undeveloped site overlooking Erie Basin in Salford Quays following acquisition of the site from Peel by developers Moorfield and Glenbrook.
Planning permission has been granted to create 270 new homes, residents’ gardens, amenity space and car parking.
The site is located adjacent to MediaCityUK in the heart of Salford Quays.
It is the third BTR scheme undertaken between Moorfield and Glenbrook, following the 240-apartment development of The Keel at Queen’s Dock, Liverpool and the 232-apartment scheme now known as Trilogy in Castlefield, Manchester.
Charles Ferguson-Davie, Moorfield Group CIO said: “Moorfield has been a pioneer of the Build to Rent sector and we are pleased to be adding Erie Basin to our platform.
“The BTR sector is in its infancy and we are proud to be at the forefront of it as we have been with other sectors such as student accommodation and retirement living.
“BTR will form a fundamental part of many cities’ wider residential strategies and we intend to develop more schemes and so help deliver much needed housing supply across the country.
“Moorfield is committed to BTR, which is underpinned by a structural lack of supply and strong demand, and we are progressing with a pipeline of exciting opportunities with an aim to build a c.2,000 unit platform.”
The scheme is due to complete in summer 2019.