The iconic Toast Rack building in Fallowfield has been put up for sale ahead of its major transformation.
Overseas investor Estrela has owned the property, which is formally known as the Hollings Building, since buying it from Manchester Metropolitan University for £5m in 2014.
Now the 3.71-acre site has been put back on the market complete with detailed planning consent for 211 homes.
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Real estate services firm Cushman & Wakefield is marketing the site which comprises the Toast Rack, Horseshoe, Gateway site and Stitching Hall.
The approved planning consent would see a mix of one to four bed apartments created as well as 20,910 sq ft of gym and leisure space, 7,582 sq ft of commercial space and 154 car parking spaces split across the site.
Bruce Poizer, head of capital markets at Cushman & Wakefield in Manchester, said: "The Toast Rack is one of the most striking and recognisable buildings in Manchester and we are delighted bring it to market.
"This is an incredibly rare opportunity to invest in a vibrant area that is ripe for development. Fallowfield is synonymous with student living, it is also a popular suburb for young professionals and families due to its proximity to Manchester city centre, cultural amenities and sport and leisure.
"We anticipate strong interest in this unique site and expect it to appeal to both build-to-rent and student accommodation investors and developers."
Planning agreements are in place to convert the Toast Rack and Horseshoe buildings into 104 apartments.
Permission to build an 11-storey residential building containing 60 rental apartments has been granted on the Gateway site. The Stitching Hall, located to the rear of the site, has plans to be converted into 47 residential dwellings.
The gym is currently being leased by nationwide operator, The Gym Group. The company has a 15-year agreement in place to continue leasing the 'Dru'm as a 24-hour on-site gym.
