Urban & Civic in line for Origin site

PROPERTY investment group Urban & Civic is understood to be close to buying two prominent Manchester city centre development sites from Morgan Stanley.

The group, formed through a reverse takeover of Terrace Hill in April, is said to be close to buying the Origin site on the edge of Manchester’s gay village and the Renaissance hotel in Blackfriars Street for £25m.

According to Estates Gazette, Manchester-based Renaker Build is in talks to buy the Owen Street plot, near Deansgate station, for around £20m.

Morgan Stanley acquired the former West Properties assets when it picked up a distressed loan portfolio in March 2012 from Ireland’s “bad bank” – the National Asset Management Agency (NAMA).

West, owned by Donal Mulryan, bought the Renaissance site in 2007 and later submitted Ian Simpson-designed plans for 248 apartments, 61,700 sq ft retail space and a 250-bed luxury hotel. Origin was to have 60,000 sq ft of offices, 180 apartments, a boutique hotel, and shops but the development stalled after foundations had been put in. Owen Street was to have around 1,000 apartments across five towers.

Documents filed with the Land Registry show the Renaissance is owned by Jersey-registered Deansgate Cronus, controlled by Morgan Stanley, which acquired the site in June 2012 for £14.7m. The Origin site was transferred to Origin Ltd, registered to the same address, on the same day for £4.5m.

JLL is handling the sale. It declined to comment, as did Urban & Civic.

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