Far East Consortium has acquired a two-acre site to add to its Red Bank regeneration, in the £1bn Northern Gateway.
The developer has agreed terms to buy the land at Dantzic Street from Leftfield Investments, after the owner brought the consented site to the market in 2019, instructing WT Gunson with a pricetag of £9.5m.
Dantzic Street has an existing permission for 415 homes in a scheme designed by SimpsonHaugh and Partners. However, FEC intends to secure a revised consent, working with architects Hawkins\Brown.
The acquisition brings FEC’s ownership to more than 35 acres, having invested more than £30m in land acquisitions in the past five years. In partnership with Manchester City Council, FEC will develop 15,000 homes.
Tom Poole, senior development manager at FEC, said: “We have been working hard to ensure that our strategic acquisitions are acquired off-market at a good value to allow us to keep momentum with our development plans.
“Our land assembly strategy for this initial phase means we will now be able to deliver those homes at the pace and scale we require to transform this part of Manchester into a thriving residential community.”
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