A tycoon has bought an entire apartment complex - before building work has even started.

Summertime Properties, headed by Manoj Raithatha, has paid £20 million for the futuristic building in the flagship Victoria Mills complex in Shipley.

The purchase from the developers Newmason Properties was brokered by property experts Knight Frank and is the first of its type in the district.

Mr Raithatha has become the proud owner of the VM 2 apartments block in the waterside mill complex near the Saltaire World Heritage site. It will contain more than 100 apartments costing from £125,000 to £350,000 each.

Today the sale was welcomed by regeneration chiefs as a sign of huge confidence in the fast developing district by investors and their backing banks and financiers.

Mr Raithatha said: "Our own research shows that Bradford is one of the main cities in the north to invest in now."

The 34-year-old property tycoon, who recently described Bradford as a "swanky, trendy city", has already paid more than £10 million for top class apartments in other developments throughout the district.

Bradford Council leader Councillor Margaret Eaton said: "I think it is fantastic that he is putting his money where his mouth is. The developers of the Victoria Mill complex are also doing a fantastic job."

Award-winning Newmason properties is developing three futuristic new buildings near the Grade Two listed mill which has been restored into apartments.

VM1, VM2 and Northern Lights will provide nearly 300 homes set in grounds which will include water features, extensive landscaping, tennis and squash courts.

Newmason's managing director Andrew Mason said: "We are delighted with the Summertime deal which shows just how attractive Victoria Mills is and what a desirable address it has become.

"The development is an important scheme, not just for us but in the way that it is encouraging wider regeneration."

Company chairman Alec Newsham said: "This is a flagship scheme and a benchmark and we are very proud of it."

Summertime's portfolio includes the purchase at a cost of £34.5 million last year of the Clarence House apartments development in Leeds.

The company specialises in buying top quality properties off plan in bulk and at a discount to smaller investors from its website. It furnishes them and gives investors the chance to buy into its rental scheme.

But Mr Raithatha said the VM2 apartments would be targeted at both investors and owner occupants.

"This is a building with a futuristic design which will win national awards. It is a truly ground-breaking scheme. Just the sort of development Summertime looks for."

The £70 million Victoria Mills project is being done in phases with work on VM 2 due to be completed early in 2008. Its new owners will advertise it on its website on February 3.

Mike Cartwright policy executive for Bradford Chamber of Commerce said: "This purchase is another example of the increasing interest and investor confidence in the renaissance of Bradford."

Bradford Council's executive member for regeneration Councillor Simon Cooke said it was another sign of the resurgence of confidence in the district.

Anne Haggas partner at Knight Frank Residential said: "Summertime has bought a complete phase. Victoria Mills is truly a watershed scheme and it is helping drive forward the regeneration of this part of Yorkshire.