Fund and asset manager AXA Real Estate has gained planning consent for a new £50m office development in Manchester city centre.
AXA Real Estate intends to replace Peterloo House, a seven-floor, 40,000 sq ft 1960s office building, with a new 108,000 sq ft, 12-storey, Grade A office scheme in its place.
Situated on Dickinson Street in Manchester's central business district and fronting St Peter's Square, AXA said the new building will provide accommodation for around 800 employees.
Co-operative Insurance Society owns the building, while AXA Real Estate is managing it on its behalf.
AXA said construction is expected to commence once around 50% of the building has been pre-let.
Designed by architects Squire & Partners, the new building aims to achieve an 'excellent' BREEAM rating.
Dorrien Thomas, UK head of asset management at AXA Real Estate, said: "Receipt of planning consent at St Peter's Square means that we can now push ahead in earnest with marketing this new well-located Grade A office space in the middle of Manchester's central business district. We have worked closely with Manchester City Council over recent months to ensure that the project fulfilled all the requirements we felt were necessary to attract businesses into the scheme but also provided the perfect complement to the Council's wider regeneration plans for the area.
"In recent years Manchester has firmly established itself as England's premier business location outside of London and we are confident that the new development's prime city location, together with the quality of space on offer, will make it an ideal destination for local, national or international businesses wanting office
WHR Property Consultants and CB Richard Ellis were appointed as joint letting agents on the scheme.