The Angelgate Development in the Centre of Manchester has a new owner.
The Far East Consortium (FEC) has acquired the two acre Dantzic Street site that has remained redundant since developer Pinnacle entered administration in September of last year.
The developers had planning permission to build a £77m, 344-home scheme comprising two towers as part of the so called Northern Gateway into the city centre.
Now the consortium have picked up the scheme for £5.2m after an auction of which they were the only bidders and have announced that they will submit a planning application later this year.
The land borders the £200m MeadowSide development of 756 apartments and town houses around Angel Meadow already being developed by the Consortium.
Gavin Taylor, regional general manager of FEC Manchester, said: “Manchester, the third-most visited city in the UK, is a place where people from all walks of life want to stay and where families thrive.