The £195m development plan will see five buildings constructed, including a 26-storey tower, at the landmark site in the heart of the city.

Planning has previously been granted for 556 new homes for sale and rent, as well as 31,000 sq ft of commercial and retail space. Salboy said it will be revising these plans to bring the project in line with modern requirements.

Salboy’s dedicated construction partner Domis Construction will now a start work in early 2023, four years after the original plan known as Brewery Gardens was approved for redevelopment.

The scheme, which will be renamed in due course, forms a major part of Manchester City council’s long-planned, residential-led regeneration of the site that was home to the Boddingtons Brewery until 2005.

Scheme features a 26-storey tower

Simon Ismail, Co-Founder & Managing Director of Salboy, said: “We are delighted to be the new owners of the Boddingtons site – an ideal location for urgently needed regeneration thanks to its close proximity to city centre leisure, business, higher education and transport links.

“The future of this site has been the subject of local speculation for too long and we are excited to mobilise construction as soon as early 2023 to bring more sought-after homes to people who want to work, live and study in Manchester.”

To date, Salboy has delivered over 2,750 new homes to Manchester and neighbouring Salford.

The group has £1 billion across 11 schemes of property currently in development or planning in the North West, London and Cornwall, all of which are due to add more than 2,000 more homes to regions most impacted by the national housing shortage.