Far East Consortium has bought the site of the failed Angelgate residential development in Manchester for £5.2m in an online auction.
LSH was instructed to sell the 1.96-acre site in March after developer Pinnacle (Angelgate) went into administration in September 2017.
The developer – a special purpose vehicle for Pinnacle – had received planning permission from Manchester City Council in 2013 for a £77m, 344-home scheme on the 1.96-acre site.
Ongoing delays meant the project did not begin, despite £30m of investment.
The Angelgate site borders FEC’s £200m Meadowside development of 756 flats and town houses around Angel Meadow in the Noma neighbourhood.
Gavin Taylor, regional general manager at FEC Manchester, said: “Manchester City Council market data shows the demand for new homes in Manchester city centre will continue to exceed supply, and we are excited about helping bring about a new international experience to this marvellous city.
“We will prepare new plans for a residential development and hope to submit a revised planning application to Manchester City Council before the end of 2018.”
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