Greengate Development Finance
Greengate is Salford's emerging city centre gateway — a rapidly transforming district where a new cluster of residential towers is rising along the River Irwell, directly opposite Manchester's historic cathedral quarter. Greengate development finance funds property projects across this dynamic riverside neighbourhood, and Manchester Development Finance is the specialist broker that secures competitive terms for developers from our panel of 50+ lenders. The Greengate Masterplan has established a clear vision for high-density residential development that capitalises on the area's exceptional connectivity to Manchester city centre.
Despite sitting within Salford City Council's planning jurisdiction, Greengate is functionally part of the city centre, separated from Manchester's NOMA and Cathedral districts only by the River Irwell. This unique position — offering city centre living at Salford values — has attracted significant developer interest and a growing pipeline of tall tower schemes. With Salford Central station providing direct rail access and multiple pedestrian bridges connecting to Manchester, Greengate is establishing itself as one of Greater Manchester's most compelling development locations for residential-led schemes.
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Greengate Planning Context and Development Policy
Greengate falls within Salford City Council's planning jurisdiction, governed by the Greengate Regeneration Strategy which was adopted to guide the area's transformation from a fragmented urban zone into a cohesive, high-density residential neighbourhood. The strategy supports buildings of significant height along the River Irwell frontage and at key gateway locations, with several towers of 30+ storeys already approved and under construction.
Salford City Council has demonstrated consistent support for tall buildings at Greengate, recognising the area's strategic importance as the city's gateway and its capacity to absorb high-density development. The council's planning policies require developments to deliver high-quality public realm, particularly along the river frontage, and to provide active ground-floor uses that contribute to street-level vitality. Design quality expectations are high, with the council seeking schemes that create a distinctive and coherent skyline when viewed from both sides of the Irwell.
For development finance purposes, the Salford planning context at Greengate is important to understand. Salford's affordable housing policies and Section 106 requirements differ from Manchester's, and lenders will assess planning risk based on Salford's specific framework. The council's established track record of approving tall buildings at Greengate provides confidence, but developers should engage early with planning officers to understand the evolving policy landscape, particularly regarding affordable housing contributions and design quality requirements that can influence scheme viability.
Recent and Approved Development Schemes at Greengate
Greengate has experienced a remarkable surge in development activity, with multiple tower schemes progressing through planning and construction simultaneously. The area's skyline is being fundamentally reshaped as a cluster of residential towers emerges along the Irwell corridor, creating a distinctive new gateway to Salford.
Several landmark schemes have defined Greengate's emergence. Tall tower proposals from multiple developers have received planning consent, with buildings ranging from 20 to 55+ storeys accommodating thousands of new apartments. The mix includes Build to Rent schemes designed for institutional investors alongside for-sale developments targeting owner-occupiers and domestic investors. Ground-floor commercial units, public realm improvements, and riverside walkways are being delivered as integral components of these schemes.
The area around Salford Central station has seen particular activity, with development proposals seeking to capitalise on the station's direct rail links and the planned improvements to the station itself. The Greengate public realm masterplan is coordinating infrastructure delivery across multiple schemes, ensuring that individual developments contribute to a coherent neighbourhood rather than isolated tower projects.
For lenders evaluating Greengate proposals, the growing body of completed and occupied schemes provides increasingly robust comparable evidence. Early developments in the area have demonstrated strong lettings performance and capital value growth, giving confidence that new schemes can achieve the values necessary to support development finance facilities. The pipeline of consented but unbuilt schemes also indicates sustained developer confidence in the area's fundamentals.
Greengate Market Statistics and Lender Appetite
Greengate residential values typically achieve £300 to £400 per square foot for new-build apartments, representing a modest discount to equivalent Manchester city centre addresses while offering comparable connectivity and amenity. This value differential is a key part of Greengate's appeal to both residents and investors, and it provides developers with attractive margins relative to construction costs. Rental yields of 5.5% to 6.5% gross reflect the area's competitive positioning, with strong demand from tenants who value the city centre proximity at more accessible price points.
Lender appetite for Greengate development has strengthened significantly as the area's transformation has progressed. Senior development finance is typically available at 60-70% LTC, with the range reflecting both the specific scheme quality and the evolving nature of the market. Established lenders with Greater Manchester experience are comfortable with Greengate's fundamentals, and the area's growing evidence base of completed schemes is progressively reducing the risk premium that early movers may have faced.
For developers considering Greengate schemes, the combination of relatively accessible land values, supportive planning policies, and improving market evidence creates an attractive development finance proposition. Our team has arranged facilities for multiple Greengate schemes, working with both mainstream and specialist lenders to structure competitive packages that reflect the area's specific market dynamics and growth trajectory.
£300-£400
Price per sq ft (new-build)
5.5%-6.5%
Gross rental yield
60-70%
Typical senior LTC
9
Active development schemes
Explore Connected Development Areas
Greengate occupies a pivotal position at the boundary between Salford and Manchester, connected by river crossings to some of the city centre's most active development districts. Developers active at Greengate frequently explore opportunities in the adjoining areas that share its growth momentum.
NOMA
£800M regeneration district in Manchester city centre. Mixed-use schemes around the Co-operative Group headquarters, directly across the Irwell from Greengate.
Spinningfields
Manchester's premier business district. High-value commercial and residential schemes in the city's financial and professional services quarter.
Victoria North
20,000-home masterplan on the northern edge of Manchester city centre. Large-scale residential pipeline with decades of opportunity.
Related Resources
- Our Development Finance Services — Senior debt, mezzanine, BTR funding, and JV equity
- Case Studies — Including Greengate tower and riverside schemes
- Loan Calculator — Model your Greengate development finance facility
- Contact Us — Discuss your Greengate development project
- All Areas — View all Greater Manchester development hotspots
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