Renaker set for £70m housing loan

A £300m Greater Manchester housing investment fund is set to loan developer Renaker £70m to help finance the construction of 846 apartments on a site at Owen Street on the fringes of Manchester city centre.Greater Manchester Combined Authority will be asked to approve the funding at a meeting on Friday (16 December 2016) alongside a £1.2m loan to Urban Splash for a scheme in Failsworth.Renaker is seeking the cash through its subsidiary FQ Developments Ltd to fund two towers of 66 and 44 storeys at its Owen Street development site, just south of the city centre.In June, the business secured approval to create 1,508 apartments, four retail units, 651 car parking spaces, 755 cycle parking spaces, and community leisure facilities for residents including a swimming pool, a tennis court, gym facilities, a lounge and a roof terrace at the Owen Street site across four towers.In addition, there would also be 117,865 sq ft of public amenity space, providing opportunities for new bars, restaurants, cafes and retail space.If the loans are approved, it would mean that almost £200m of the £300m GM Housing Investment Loan Fund has now been accounted for.