Buyers go online to recover £30m from failed Manchester scheme

Investors in a failed buyer-funded development in Manchester are pinning their hopes on an online auction to recover some of the £30m they ploughed into the project in the city’s Northern Gateway area. Administrators for developer Pinnacle (Angelgate) Ltd have instructed Lambert Smith Hampton to market the Angelgate site on Dantzic Street for auction next month, at a guide price of £5m. It is thought to be the largest property to go under the virtual hammer so far in the UK. The move suggests that administrators are eyeing online auctions to recover creditors’ funds. The two-acre site has permission for