Muse and ADM Regeneration will this week start demolition work on the town’s Cineworld as part of the next phase of Stockport Exchange, although the site is likely to be used as a temporary car park until at least 2024.
The cinema, which opened in 1991 along with the rest of the Grand Central complex, will be demolished to make way for 2 Stockport Exchange, a 60,000 sq ft, six-storey office, set to open in spring 2020.
The office building, designed by architect Aedas RHWL, represents the third phase of the wider £145m Stockport Exchange scheme, but only covers a small portion of the Cineworld site, the remainder of which will be brought forward as phase four of the development.
However, this is unlikely to be developed until 2024, with sites fronting the A6 first on the agenda, and as a result the council has proposed to use the site as a temporary car park until the fourth phase is brought forward in six years’ time.
An 80-space car park is likely to be operational on the site by the end of the year after the cinema’s site is tarmacked, and the council will have the option to expand this car park by 29 spaces once 2 Stockport Exchange completes.
Cushman & Wakefield and CBRE are the joint agents for the scheme, which is a sister building to One Stockport Exchange. This building is fully let, with tenants including Stagecoach and MusicMagpie.
Caroline Simpson, corporate director for place at Stockport Council said: “I’m delighted that the demolition work is beginning, making way for the next stage of development at Stockport Exchange.
“Stockport Exchange has already proven very popular with businesses. The development of the next, high quality office will mean even more companies have the opportunity to make the business district their home, benefitting from the opportunities Stockport offers to companies, whilst also creating many new jobs for local residents.”