Residential property firm Grainger has bought out Salford’s Clippers Quay in a deal worth nearly £100 million.
The London-based group is already one of the largest private rented sector operators in the country.
It paid £98.7m to Amstone Developments for the Trafford Road site.
In January 2015 Salford City Council greenlit proposals to demolish a former vacant cinema on site to build five new tower blocks comprising some 600 flats.
All are intended for private rent.
Amstone bought the former multiplex cinema from Ask Developments in August 2014.
The development includes the construction of a footbridge from Clippers Quay across the River Irwell to land at the Wharfside tram stop on the planned Trafford Park Metrolink extension.
Helen Gordon, chief executive of Grainger, said: “This is one of the largest build to rent developments outside of London and a major boost to our focus on growing our private rented sector portfolio.
“At over 600 homes, Clippers Quay adds further scale to Grainger’s established PRS platform. Once fully let, it should deliver over £7.5m of gross rent per annum. The scheme is of a scale that will enable Grainger to implement its full service private rental model.
“Clippers Quay is a highly attractive place to invest, driven by its connectivity and proximity to Manchester and MediaCityUK. As the UK’s largest listed residential landlord, Grainger is well placed to leverage its long-established operational platform to continue offering best-in-class homes to renters across all regions of the UK.”