Three West Properties sites ‘to be sold’

THE Origin site on the edge of Manchester’s gay village is said to be coming to market along with two other former West Properties assets.

According to Estates Gazette, property agent JLL has been appointed to market Origin along with the Renaissance hotel in Blackfriars Street and a former car park site in Owen Street at the other end of Deansgate.

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

West had been financed by the now defunct Anglo-Irish bank and a portfolio of loans worth around £220m, secured against West Properties assets in Manchester and London, were sold at a 70% discount for £65m.

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.

All parties declined to comment.