Roundhouse Properties has recently reacquired the premises of 31 Princess Street in central Manchester, and intends to convert the building into office space.
The four-storey building, which was built in the 19th century, faces Albert Square and is adjacent to the city’s town hall.
The building is set to undergo a major regeneration to transform it into modern office space in Manchester’s thriving business district. The transformation will see the Princess Street block able to provide three floors of office space, with each floor measuring 1,700 square feet and the ground floor continuing to be developed as a retail suite.
At present, one of the two retail units that are located on the ground floor of the building is occupied by hairdressing firm Clarity, which has been the occupant of the building for more than 35 years.
This is a sentimental acquisition for Roundhouse Properties, as the company has previously owned the building before it decided to sell up back in 1992. The firm has already appointed JLL’s Andrew Rands and Savills’ Daniel Barnes as joint agents to be in charge of lettings, whilst Hynes Illingworth’s Andrew Hynes is the sole agent in charge of the ground floor retail unit.
The regeneration of the building is set to commence within the next few weeks, and it is believed that future tenants will be given the option to let office space as a whole floor, or smaller divided suites. This may come as welcome news to businesses who are currently struggling to find office space in Manchester due to high demand or high rental costs.