Long-stalled Northern Quarter scheme snapped up
A problematic plot in Manchester, with planning permission for a residential scheme, has been sold out of administration for £1.7m.
Telford-based ANQ Tower Limited, a special purpose vehicle headed up by sole director Gunes Ata, has purchased the long-stalled Union Square scheme in the Northern Quarter.
ANQ Tower completed the deal last year, according to a report by administrator Mazars.
Place North West approached the purchaser for comment.
A JV between Taylor Rhodes Group and Deals Investment was granted planning permission for the 37-apartment development on Red Lion Street in 2016.
The JV proposed the creation of 12 one-bedroom flats, 25 two-bedroom flats, and one three-bedroom flat. The scheme was also set to include 2,000 sq ft of ground floor retail in three units, and the retention of a historic pub facade on part of the site.
Work never got beyond the groundworks stage and the Union Square Manchester SPV went into administration in 2021.
The site was then put up for sale in the hope of recovering funds owed to fixed charge holder Ching Wai.
Ching Wai provided the funds for the SPV to acquire the Red Lion Street site from Beech Holdings. Following the sale of the site to ANQ Tower, Wai has been partially paid back, suffering a shortfall in excess of £2m.
Individuals who paid deposits on the unbuilt apartments will receive nothing.
A deal for the site had been agreed in 2022 but never completed.
An SPV of developer EGCC Group had been close to acquiring the scheme out of administration having paid a 5% deposit and exchanged contracts on the site with administrator Mazars last year.
However, the company decided not to go through with the purchase after carrying out additional due diligence around rights of light.
Whilst not that many stalled schemes in central Manchester they just seem to be around the NQ Inc the Thomas Street one which is sadly leaving the area dilapidated. They need completing and with a real focus on public realm in the NQ in general
By Tomo
Hopefully construction will be restarted soon, however the right to light issue may perhaps force it to be scaled down height wise.
By Anonymous
Surely the hideous Multi-Storey Car Park there must be PRIME real estate?
By Sam
How many stalled schemes are there in Manchester? At least Liverpool counts theirs, owns up to the problem and is doing something about it. You could be forgiven for thinking Manchester was the land of milk and honey – obviously it has problems.
By Anonymous
I agree, the car park has to go; it has to be Manchester’s biggest eye-sore bar none.
By Anonymous
Horrible part of town, in dire need of regeneration
By Gilly
Anonymous 4.13, I agree that this multistory carpark is an eyesore but I would argue that the Arndale multistory carpark is worse.
By Anonymous
The car park opposite is also a blight and is ridden with anti-social behaviour. Many will be glad to see the back of it, along with the brutalist building on the corner of Church St and High St.
By Anonymous
NQ is great @gilly. Leave it alone
By Anonymous
I think Anonymous 3.10pm anyone who actually lives here knows that it may not be the land of milk and honey but the difference between Manchester and say , well your city is the sheer volume of developments in terms of apartments, offices , hotels and transport infrastructure to create jobs plus a willingness to get things done. Perfection? No such thing., and a lot of work still to do but a night and day improvement on 20, 30, 40 years ago, and then some.
By Anonymous
The old pub looks great. Hope they really put the effort in and build something that compliments the character of the locality.
By MrP
It’s when the stalled schemes outnumber the schemes being built that it’s an issue.
By Try thinking before typing
At last! It’ll be great to see this development progress at last.
By Digbuth O'Hooligan