Bids for Nicholson Estates’ GN Tower site, central Manchester, have comfortably exceeded the £10m asking price.
Well-placed sources say that bids exceeded the asking price by as much as £1m. Manchester property observers had regarded the original asking price as unsustainable.
Three bidders are now in talks with Nicholson about acquiring the site, which has planning permission for a 25-storey tower – either for 237 apartments or for 10,384 sq m (111,776 sq ft) of offices. All bidders are understood to be proposing a combination of commercial and residential uses.
Amec Developments/Crosby Homes jv Ician has been associated with the site. It is also thought to have attracted interest from developers bidding for the nearby 1.1ha (2.4-acre) Piccadilly Triangle site.
Shortlisted bidders at Piccadilly Triangle include Dutch developer MAB, Argent, and Preston-based Maple Grove. Chesterton has been instructed to sell the GN Tower site.
EGi News 06/09/01
