Gay Village site development

PROPERTY group Urban & Civic is planning to build hundreds of apartments and hotel rooms in Manchester after sealing a deal to buy two major development sites from investment bank Morgan Stanley.

The group, formed through a reverse takeover of Terrace Hill in April, has spent £22.45m on the Origin site on the edge of Manchester's gay village and the Renaissance hotel in Blackfriars Street.

Morgan Stanley acquired the former West Properties assets when it picked up a distressed loan portfolio from Ireland's "bad bank" - the National Asset Management Agency (NAMA) - in 2012.

In its annual figures Urban & Civic said it exchanged contracts on the sites on Monday and is now planning eight buildings with a development value of £300m which will be built between 2017-21.

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Published: 15-Jan-2015: (2920)