CB Richard Ellis has been instructed by Saco Homes to sell the freehold interest in The Polygon, opposite the famous live music venue on Stockport Road in Manchester.
The cleared site has planning consent for a 111-bed hotel with associated facilities including a 51-space car park. In addition, a previous planning application granted in 2008 means the site could also be used to develop 52 apartments with commercial units on the ground floor.
Shaun Skidmore, director of the leisure and alternative investment team at CBRE North West, said: "The fact the site has a number of viable options for development means it is likely to attract a lot of attention. The location lends itself to a limited service hotel, student accommodation or apartments for social housing due to its proximity to the city centre and universities.
"With the Apollo Theatre opposite the site and the Macdonald Hotel just down the road, another key development would further extend the city centre into this area."