Mount Property Group, a Liverpool-based company led by director Michael Chrysokhou, has agreed to acquire a site on Regent Road in Salford with planning permission for 525 homes.
The plot is owned by Vivere, the development arm of New Chinatown contractor Bilt Group, which went into administration last year.
Vivere gained planning permission in 2016 for a Fletcher Rae-designed scheme known as City View. The proposed development is made up of four blocks of 26, 16, 10 and eight storeys alongside 37 three-storey townhouses.
Mount Property Group said it intends to break ground on the £150m redevelopment by the start of next year, targeting 2019 for the completion of phase one, and 2020 for the completion of phase two. No contractor has been named on the project yet.
Mount has renamed the scheme Regent Plaza.
The developer claims it is behind £300m of development across Manchester and Liverpool, and according to Mount’s website, is bringing forward Liverpool projects including a 60-unit student accommodation scheme on Camden Street, and 290 flats at St James Point. There are no completed schemes listed.
A spokesperson for Mount Property Group said: “Regent Plaza represents a vibrant regeneration scheme for a key area of the city, where the private rental market is particularly buoyant and demand for well appointed properties is increasing. It is strategically located to benefit from existing local amenities and to link together with other planned residential development schemes in the vicinity, as well as standing community infrastructure. Regent Plaza is situated on a major thoroughfare between the M602 and Manchester city centre, this is a convenient location, offering living arrangements to suit everyone from single professionals to families. In its development stage, the scheme will provide a boost for the local economy by acting as a major new employer for the area. On completion, Regent Plaza will bolster the community and add an attractive aspect to the eastern approach to the city.”