Allied London has exchanged contracts to buy Astley & Byrom House, two interlinked 1960s offices on the edge of Spinningfields with planning permission for a 270,000 sq ft rebuild.
The blocks on Quay Street have been eyed up by the developer for some time, as the site sits opposite the recently completed No.1 Spinningfields, and borders the St John’s regeneration area which Allied London is bringing forward with Manchester City Council.
Astley & Byrom was previously occupied by Barclays and is now vacant. Owner West Midlands Pension Fund, advised by CBRE Global Investors, gained planning permission in 2015 for the redevelopment of the site, with a scheme that would involve the demolition of both buildings, replacing them with three blocks staggered in height at between six and 14 storeys.
Stride Treglown was the architect for the proposals, which were never progressed.
The Astley & Byrom project was first mooted by West Midlands in 2013, when Allied London went public with its plans for the demolition and rebuild of Quay House, to make way for the 19-storey No.1, which is the last building in the Spinningfields masterplan.
Allied London has previously suggested that if it bought the building, it would deliver a redesign to echo the scale and massing of No.1.
Colliers International advises CBRE Global Investors and West Midlands Pension Fund. CBRE represents Allied London.
All parties declined or were unavailable to comment.