The developer behind several new skyscrapers in Manchester is set to borrow another £120m of public money for two more city centre schemes. Renaker has requested £54.1m for the Bankside building in Salford's Greengate and a further £65.6m for Tower D2 at the Trinity Island development in Manchester.
The developer has borrowed £268.5m from the Greater Manchester Housing Investment Loan Fund (GMHILF) since 2015 when the government created the £300 investment pot. So far, loans of £70m for Deansgate Square, £23.7m for Water Street and £42.5m for Wilburn Basin have been repaid in full.
Council leaders and mayor Andy Burnham approved the latest loans worth £120m at a Greater Manchester Combined Authority (GMCA) meeting last week. Since then, Renaker has announced new plans for a 71-storey tower in the Great Jackson Street area which would be Manchester's tallest building.
