Issa Quay, a residential and retail development in Dale Street on the edge of Piccadilly basin, has been sold to a local property developer.
The scheme comprises of 83 apartments and retail, food and bar areas and has been sold to Yousef Tishbi, owner of Manchester property firm Realty Estates, for £5m.
Issa Quay was developed by Bashar Issa's contract business BS Construction. However, the company was placed into administration with KPMG in May 2008 which has been trying to find a buyer of Issa Quay since then.
Julian Such, associate director in the leisure and alternative investment team at CB Richard Ellis North West, which was appointed by KPMG to advise on the sale of the development, said: "The instruction generated significant market interest, mainly from serviced apartment and Aparthotel operators who viewed the development as a good prospect due to its proximity to Piccadilly train station and other established schemes. The team has worked incredibly hard on what was an extremely difficult instruction in bringing the sale of Issa Quay to conclusion, overcoming a huge range of challenges during the past 18 months."