Earlier in the year, it was reported that Renaker was in talks about adding DeTrafford’s Great Jackson Street Transition site in Manchester to its portfolio.
Fast forward a few months, and Renaker - which bought the debt on the plot from London Wall last year – is now working up revised proposals.
DeTrafford was granted planning permission from Manchester City Council back in 2019. At the time, the Transition scheme comprised 399 apartments across three towers (32, 26 and 18 storeys), and since, DeTrafford has been working with Transition investors to return deposits so that the sale to Renaker could go ahead.
It's understood that the process is now finished, and investors have either been paid back or opted to have their deposits transferred to other DeTrafford schemes.
Speaking to Place North West, Renaker managing director Daren Whitaker said: “We are delighted to have completed on the acquisition of this site within the Great Jackson Street framework.
“We have worked extremely hard with DeTrafford over a 10-month period to ensure that all purchasers of the previously planned scheme have secured the full return of their deposits.
“This acquisition, alongside our existing ownership, opens opportunities that would otherwise not be possible. We are working hard at developing proposals that, subject to planning approval, will further enhance the quality of this new city centre neighbourhood being created.”
Transition is located in an area which has been developed to be unmistakably Renaker.
Already delivering the 1,500-home Deansgate Square on Great Jackson Street, as well as another 664 apartments at Elizabeth Tower and Victoria Residence nearby, the developer is also currently on site delivering Three60 and Blade. These developments will provide another 855 homes.
Renaker is also preparing to start work on a pair of 51-storey skyscrapers nearby, for which planning approval was granted in March.