Far East Consortium snap up failed Angelgate development in city centre
Far East Consortium (FEC) has acquired the site of the failed Angelgate residential development in central Manchester for an undisclosed sum at online auction.
The 1.96-acre Dantzic Street site has been standing empty since developer Pinnacle (Anglegate) went into administration in September 2017, having been granted planning permission by Manchester City Council for a £77m, 344-home scheme across two towers in 2013.
The Angelgate plot borders that of FEC’s £200m MeadowSide development of 756 apartments and town houses around Angel Meadow in the NOMA neighbourhood on the northern edge of Manchester city centre.
MeadowSide and Angelgate sit on the doorstep of Manchester’s Northern Gateway, an investment partnership between FEC and Manchester City Council to deliver 15,000 new homes across the northern side of central Manchester over the next decade.
Pinnacle (Angelgate) was a special purpose vehicle for developer Pinnacle, which continues to trade.
The online auction was managed by commercial property advisors LSH with bids invited by Moore Stephens, administrators of Pinnacle (Angelgate).
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.
Gavin Taylor
“Manchester City Council market data shows the demand for new homes in the Manchester city centre will continue to exceed supply, and we are excited about helping bring about a new international experience to this marvellous city.
“Having acquired the Angelgate site at auction 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.”
Far East Consortium International has been listed on the Hong Kong Stock Exchange since 1972.
The group is mainly engaged in property development and investment, hotel operations and management, as well as car park operations and facilities management.
It opened its UK operation in 2011 with the arrival of Dorsett Shepherds Bush.
The company has several residential developments in the pipeline in the UK, including Alpha Square in Canary Wharf, Hornsey Town Hall in Crouch End, Angel Meadow in Manchester and will play a key role in the regeneration of Manchester’s Northern Gateway.
