Delph Property Group has bought a site at One Lord Street in Manchester with planning permission for a 16-storey, 192-apartment project.
Developer Anglesource, back by Simon and Bobby Arora, the brothers behind discount retailer B&M, won planning permission for a scheme on the site in Manchester’s Green Quarter back in 2016.
Designed by Leach Rhodes Walker, the project at the corner of Lord Street and Cheetham Hill Road also included 1,800 sq ft of retail space alongside 192 flats and 67 car parking spaces.
Advised by JLL, Delph has purchased the site for £6m from a private client and is now working with Fortis Developments as contractor to deliver the apartment scheme, although a start on site date has not yet been confirmed.
The site is partially vacant, and is made up of a surface car park and single-storey cabin building, which will be demolished to make way for the scheme.
Nick Belkin, head of acquisitions, Delph Property Group, said: “Decades of inward investment and regeneration projects have made the city a real destination for young professionals, and demand for high-quality city centre apartments is at an all-time high.
“Because of the success we are experiencing at our scheme next door that we are currently selling, the Hallmark, we know Manchester’s Green Quarter is an especially popular location due to its wide selection of amenities and great transport links. We are confident there will be similar interest in One Lord Street.”
Robert Hogarth, residential investment & development director at JLL, said: “The sale of One Lord Street highlights the continued competitiveness of the Manchester land market with serious interest in the site shown from not only from local and national developers but also from international players.’’