Investment property on Manchester's Canal Street sold for £1.4m

A building on Canal Street in Manchester city centre has sold in a seven-figure deal.

The Gay Village property was snapped up for £1.4m just two weeks after coming to market.

Located at 44 Canal Street, the site was formerly home to Italian restaurant Villaggio, which occupied the ground, first and second floors for over a decade prior to closing earlier this year.

The building’s third floor comprises two apartments, both of which are also vacant.

Warrington auction house Pugh & Co managed the sale.

David Hodgkinson, associate director at Pugh & Co, said: “We had a huge amount of interest in 44 Canal Street as soon as it went on the market.

“The property has tremendous potential, with its unbeatable location right in the heart of Manchester’s Gay Village and we know the buyer has plans to invest in the redevelopment of the building.”

The Canal Street property is the second city centre building sold by Pugh & Co in recent months.

At its February property auction, the firm sold the nearby 12 Minshull Street on behalf of the Ministry of Justice for £3m, more than double the building’s guide price.