Manchester tower 'could go ahead'

Work on what will be Europe’s tallest residential building, the Piccadilly Tower in Manchester, could begin again thanks to a new investment push by its developers.

Irish property company Ballymore had started the development of the building, though funding difficulties brought about as a result of the economic downturn meant that work was halted last year, with only the foundations and the ground floor completed.

Now, it has been revealed that the company is looking to secure millions of pounds worth of fresh investment, meaning the 710-apartment block could yet become a prominent feature on the Manchester skyline.

According to the Manchester Evening News, Ballymore chief executive is keen to sign up a number of wealthy individuals or parties, who will each invest up to £30 million in the project.

As well as the residential apartments, it is planned that the Piccadilly Tower will be home to a number of retail spaces, including several bars and restaurants.

This comes as the Guardian has reported that the Libyan Investment Authority is looking into increasing its UK commercial property assets, with the London market expected to be its main point of focus over the coming months.
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