A £150m scheme designed to transform the centre of Altrincham, Greater Manchester, is back on track after property firm Nikal acquired the remaining shares in the joint venture for an undisclosed sum.

The future of the mixed-use development had been thrown into doubt following the collapse of the David McLean Group, the North Wales-based developer which entered administration in late 2008. Plans for the Altair scheme includes a 3,000-seat ice rink that will be home to the Manchester Phoenix ice hockey team and 15,000sq m (161,460sq ft) of retail and leisure space that will incorporate a 100-bedroom hotel, restaurants and two new public squares.

Designed by architect Ian Simpson, the plans also include 150 luxury apartments, a car park and 8,000sq m (86,111sq ft) of office space, and now depends on Trafford Council securing the necessary land acquisitions for the scheme to move forward. Nick Payne, Nikal managing director, said: "We were naturally disappointed by the David McLean Group falling victim to the credit crisis, but have been fortunate enough to finalise the purchase of its shares enabling us to progress.

"While we are not immune to the current climate, we have a long-term strategy and projects like Altair excite us. The development will deliver many of the things Altrincham has been lacking over recent decades and the temporary ice rink investment was just the start. Our vision for Altair includes residential, hotel, office, retail and leisure uses."