LSH has been instructed to sell the Angelgate development site in Manchester in an online auction months after its embattled developer went into administration.
Pinnacle (Angelgate), which went into administration in October, received planning permission for the 1.96-acre site in 2013 for two buildings comprising 344 flats and commercial space.
Ongoing delays on the site meant the project did not begin, despite £30m of investment internationally.
Its administrator, Moore Stephens, is inviting offers of more than £5m in an online auction, which will open for bids on 23 April and close on 26 April.
LSH said it is highly likely that a future developer would review the planning permission and enhance it with higher-density development.
Interested parties will be required to pre-register to bid and provide a holding deposit of £500,000.
Duncan Swift, partner at Moore Stephens and joint administrator for Pinnacle (Angelgate), which is selling the site, said: “The Angelgate site has historically attracted a lot of investor and purchaser interest from around the world.
“Hence we have harnessed technology to offer the site for sale by way of an online auction to ensure it is given maximum exposure globally.”
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