Manchester property investor Nabeel Mussarat Chowdery has sold the Island Site, one of the city’s most highly coveted office development opportunities, to Hale-based Reflect Developments for £15m.
The site, on John Dalton Street, already comprises 54,000 sq ft (5,017 sq m) of office space in three separate buildings: Old Colony House, Grange House and 5 Ridgefield.
Although sold without planning consent, it is hoped that up to 100,000 sq ft (9,290 sq m) of offices and shops can be built on it. Cushman & Wakefield advised Property Route.
Chowdery bought the site two years ago from GE Real Estate. Since he started investing in commercial property in 2001, he has built up a £100m portfolio across the north-west, including Lancaster Buildings and St John’s Chambers in Manchester city centre.