Finance has been secured for a new apartment development in the Castlefield area of Manchester.
Developer Glenbrook has signed an agreement with investment firm Moorfield to finance the £40 million development.
Work will now start on the 200,000 sq ft private rental scheme (PRS) development, which will include £230 apartments in three buildings, ranging from eight to 12 storeys.
It will be built on Ellesmere Street on the south-western approach to the city centre, close to Cornbrook Metrolink stop and a number of other apartment developments built in recent years.
Ian Sherry, director of Glenbrook, said the company believes the PRS sector is "resilient", adding that this view "has been underlined by our commitment to bring forward over 750 further units which are in design or planning stages across the north-west".
The development is close to the controversial project to build two apartment blocks on the Pomona Island brownfield site, which gained planning permission last year despite objections from campaigners who wanted the derelict site to be turned into an open space and nature reserve.
