The London-based developer is hoping to complete its first Manchester project, which is located on Oldham Street in the Northern Quarter, in the coming months.
The Sheila Bird-designed 12,000 sq ft block, known as Northstar, was originally a furniture shop before being converted into offices and was previously home to the Big Issue.
The Bauhaus-style, three-storey building will be made up of six office suites, including one on the lower ground floor, ranging from 735 sq ft to 3,000 sq ft.
The offices will sit within the existing frame of the building with many of the original features, including the staircase and the atrium, having been restored.
The lead contractor is Styles & Wood, which today announced it was appointing an administrator, and the letting agents are Sixteen Real Estate and Edwards & Co.
Dan Mead, head of asset management for Bywater, said: “Northstar is an extensive refurbishment of an existing building in the centre of Manchester. On the face of it when we purchased it the building was ready for demolition and via reusing and recycling the building and using new materials and techniques we will actually deliver both an exciting space for new tenants and also some really impressive results in terms of carbon savings.”
Bywater Properties was founded in 2006 and has development projects with a gross development value of over £200 million in Manchester, Belfast, Glasgow and London.