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West's Origin Site Up For Sale
Irish 'bad bank' flogging distressed site
WEST Properties' stalled Origin site is up for sale, according to reports.
The distressed developer has also been forced to sell the Renaissance Hotel building on Blackfriars St in Manchester city centre, as part of a £220m disposal of assets through Ireland's 'bad bank', the National Asset Management Agency (NAMA).
NAMA was set up to dispose of costly loan portfolios dished out by Irish banks at the height of the property boom.
The Origin site was set to be the home of an upmarket W Hotel, the brand owned by US operator Starwood. But the deal never materialised as West was unable to commit to building out the rest of the site, which included more than 200,000 sq ft of office space and 185 apartments.
Property consultancy Savills is understood to have been appointed to sell the West portfolio.
West bought the Renaissance Hotel for £20m in 2007 and secured planning for a 36-storey round tower on the site.
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I hope both sites get the love and attention they deserve... financial climate pending!
The photo is wonderful. The building with blue windows you see beyond the brown clad second building is 25m high and the brown clad tower 50 m high you can work out viewpoint and perspective as bent as the buildings
There is a ready built car park space on the site but it need fitting out properly. Maybe those campaigning for residents parking would like it.
What about West's other sites Rochdale Rd, Owens Car Park and the Lumiere building Are they included in the offer?