A Manchester Grade-II listed building has recently changed hands for over £11m, with the buyer prepared to transform the old office site.
Guy Wilson, who is a partner with the new owners Catalyst Capital, stated:
“We will be undertaking a major repositioning of this property for completion in 2015.”
Mr Wilson has stated that he believes there is likely to be a shortage of high quality office space in Manchester going forward. The Arkwright House project is intended to exploit this opportunity. Catalyst Capital has participated in an office deal in Manchester previously and it has received advice from real estate specialists.
Several other recent office renovations have had an influence on the workplace market in the Manchester region, with a block in the city centre due to have a major makeover courtesy of an American owner.
The trend for refurbishment is being driven by increased corporate activity, with the office market in Manchester appearing buoyant at the moment. This state of affairs is illustrated by the fact that quarterly office acquisition in the city has reached a high not witnessed for several years.
Arkwright House is situated at Parsonage Gardens, with the redevelopment having to take into account the structure’s listed status. While at the moment Arkwright House is not full, there are several existing tenants, one of which is a bar.
The changes to the building will have an impact on its size. Currently, Arkwright House is significantly smaller than 100,000 square feet. However, the block will attain that scale when all the construction work is complete.