A stalled residential tower in Manchester city centre has been sold after the developer conceded it could not afford to build it.
Developer Copperlink has sold the site, which has consent for a 70-flat tower of 8-13-storeys, to a private Dubai-based investor for £6.5m.
The developer spend £1.7m trying to develop the scheme itself before admitting it was “not it a position to develop the site at this time”.
The new owner has pre-bought the long leaseholds on every flat on the condition that the scheme is completed in the next 18 months.
Hodder + Partners, which designed the tower, has applied for a 12-month extension to the existing planning permission.
Stockport-based Ladson Commercial has also taken over the building contract from Bennett Construction as part of the deal.
simon.binns@estatesgazette.com
