Chinese investors in £2.7m swoop for Manchester development site
The Far East Consortium (FEC) has completed a multi-million pound deal to acquire land in northern Manchester.
The Chinese property developer and investor snapped up a 1.55-acre site on the corner of Dantzic Street and Dalton Street for £2.7m.
The transaction was brokered by CBRE’s Northern Residential Investment Team on behalf of a private client.
The site has been earmarked for high-density residential development and could accommodate up to 400 apartments.
It forms a key part of Manchester City Council’s Lower Irk Valley Neighbourhood Development Framework, which is part of the authority’s 300-acre Northern Gateway investment initiative along with New Cross and Collyhurst.
The head of Northern residential investment at property services firm CBRE, Mike Gorman, said: “We have been working with our client on this site for a number of years and are very pleased to have concluded a sale to FEC, the sale of this site will help kickstart this area and help drive further development and investment into Manchester.”
FEC is listed on the Hong Kong Stock Exchange.