The former site of the BBC headquarters for the North West of England is the latest target of Manchester property group Bruntwood.
This six acre Oxford Road plot was originally sold for £10m back in 2011 when the broadcasting company made the move to MediaCityUK. It is currently owned by Realty Estates and is used as a car park.
Bruntwood currently owns 100 office buildings in the North and Midlands, and was an original bidder for the site, alongside Realty, when it first went up for sale.
Following the sale strategy chiefs at the city council wanted the site to be used to create 6,000 high end jobs in healthcare, science and the digital and creative industries.
This led to some friction as Realty wanted to use the land for student accommodation and shops. Later the council agreed that residential accommodation would be acceptable as part of this mix.
Shahram Sakhdari, head of developments at Realty has said that negotiations are at advanced stage adding that the transaction is “complex” and he was unable to comment further on the matter “due to the sensitive nature of the project”.
Bruntwood are also working with Manchester University to redevelop the Manchester Business School.