Can New Owners Lift The Curse Of The Stockport Pyramid?
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New Saudi owner Eamar Developments has appointed agents to market the scheme to potential occupiers. Colliers International and Stockport-based surveyors Impey have been chosen. Cushman & Wakefield, the incumbent agent which acted on the sale, has not been retained.
The 86K SF landmark office building close to the M60 motorway was placed on the market by owners Co-Op Bank in July 2018 at an asking price of £4.5M. The price was low to reflect the high potential refurbishment cost.
But whilst the new owner said it plans refurbishment, it has yet to lodge a planning application for what is sure to be an extensive overhaul.
Eamar is proposing to undertake a comprehensive refurbishment of the building to create Grade A office space, with the added opportunity of offering naming rights to potential occupiers.
Colliers and Impey believe the unique design and unparalleled position of The Pyramid will attract a great level of interest from corporate occupiers.
“Upon completion of the refurbishment, The Pyramid will help to address the strong level of demand from businesses seeking Grade A office space in South Manchester," Colliers National Offices Director Dominic Pozzoni said.
Eamar made their move as Stockport’s office market enjoys an upbeat late summer. Plans for up to 1M SF of new commercial floorspace as part of a Mayoral Development Corporation coincide with Muse’s plans for a further 60K SF of speculative development.
However, data from the wider South Manchester market casts a more subdued light. South Manchester’s H1 take-up was 277K SF, a 23% drop on the same period last year.
Home to the Co-operative Bank from 1995, The Pyramid became surplus to requirements following the relocation of operations to Co-operative Group headquarters at One Angel Square, NOMA Manchester and other locations.