March 2005 – Morgan Leahy Property Investment Group has purchased the landmark Bauhaus Development, Manchester.
Irish investment company Summerise has bought Bauhaus, the second phase of the Rossetti Place scheme in Manchester, for around £16m, at an equivalent yield of 6.9%.
Summerise, headed by Limerick-based investor Morgan Leahy, has bought the scheme, on Quay Street, from a joint venture between Ask Developments and Crosby Homes.
Bauhaus is a speculative development, scheduled for completion next spring, which will comprise a nine-storey tower with 50,900 sq ft (4,730 sq m) of offices, 65 flats and a hotel. It also has 45 parking spaces.