Irish developer Ballymore is set to build Europe’s tallest residential building after buying a site next to Manchester Piccadilly station.

Ballymore bought a 95% stake in the site for approximately £50m from previous owners Merepark and M2Evolve.

The 60-storey tower already has planning consent obtained by the joint venture before the sale. M2Evolve will keep a 5% stake in the project.

Work will now start on the 1m sq ft mixed-use development the start of next year. The scheme will cost £300m to develop.

At 610ft the tower will be the tallest residential building in Europe, surpassing Macnhester’s 48-storey Beetham Tower which is 554 ft high.

The Piccadilly Tower will include just under 700 flats, a luxury hotel and 30,000 sq ft of office space.

The tower has been designed by Woods Bagot architects – who were also behind Ballymore’s £160m Central Village in Liverpool.