Ballymore has put the largest residential development opportunity in Manchester centre and once the tallest proposed tower in Europe up for sale.
Eastgate Tower, now known as Piccadilly Central, is being sold through CBRE. The 710-flat project is expected to benefit from the regeneration of Piccadilly station, the intended terminus of HS2.
Plans for the consented 60-storey tower, which rises to 616ft – 59ft higher than the city’s tallest building, the Beetham Tower – were first submitted in 2004, but the scheme stalled as a result of the financial crisis.
Ballymore is understood to be expecting bids in excess of £25m for the three-acre site, which also has planning in place for two adjoining blocks rising to six and 16 storeys and a separate 220-bedroom hotel.
The development is expected to deliver the most luxurious flats in the city. Prime values in Manchester are around £450 per sq ft. The price of an average prime two-bedroom flat is £250,000, according to CBRE. As a result, Piccadilly Central is expected to have an end value well above £200m.
Alistair Chapman, director at CBRE, said: “It’s a landmark building in a premium location on the doorstep of one of the busiest transport interchanges in the North, making it one of the most high-profile prime residential development opportunities in the city.”
Ballymore bought a 95% stake in the scheme from Inacity in 2007. Inacity retained 5%.
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