Lambert Smith Hampton (LSH) to sell renowned Development Site at Dantzic Street, Manchester.
LSH has been instructed by the joint administrators to hold an online auction for the site with offers being invited of over £5million.
The site is a substantial city centre development opportunity, located in the popular Northern Gateway of Manchester City Centre. The freehold property comprises two prominent and irregular shaped level sites totalling about 1.96 acres (0.79 hectares).
Previously in 2013 the site was granted planning permission for the development of two buildings comprising of 344 residential apartments and a mix of commercial accommodation together with 274 car parking spaces, courtyards and landscaping.
Duncan Swift, the Moore Stephens partner and Joint Administrator of Pinnacle (Angelgate) Limited, the vendor of the Angelgate Development Site at Dantzic Street, Manchester said: “The Angelgate site has historically attracted a lot of investor and purchaser interest from around the world. Hence we have harnessed technology to offer the Site for sale by way of an online auction; conducted over the internet, to ensure it is given maximum exposure globally. An online auction also has the benefits of being the most transparent and efficient sales process available on the market. All prospective purchasers have access to the same information. There’s no ‘smoke-filled room’ chatter or pre-sale politicking that such sales typically attract. And, any risk of post-sale price-chipping is substantially reduced.”
It is likely that future developers may review the previous application and enhance the planning permission with a higher density development.
Oliver Childs, Head of Auctions at Lambert Smith Hampton adds “This site has already received significant media attention. The online auction platform will allow us to extend the reach of our marketing into the global investor and development market, providing our client with all the benefits of a traditional ballroom auction, but with the advantage of an enhanced marketing period and an effortless way to bid online for both the domestic and international investor to ensure the highest price is paid in open competition”.
Interested parties will be required to pre-register to bid, by providing the auctioneers with a holding deposit of £500,000, together with proof of identity, address and source of funds to comply with UK anti-money laundering regulations. The successful purchaser will be required to pay the balance of the 10% deposit based on the purchasing price within two business days of the auction closing. Similarly any unsuccessful bidders will have their deposits refunded in full. Completion will take place 20 business days thereafter.
Bidding Opens: Monday 23 April at 09.00 GMT
Bidding Closes: Thursday 26 April at 14.00 GMT
Registration for bidding will close at 17:30 on Tuesday 24/04/2018.
Breaking News shared by: Genevieve Deering of Lambert Smith Hampton
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