Mosley Street Ventures, a special purpose vehicle controlled by Fred and Peter Done, has submitted plans to Manchester City Council for the development of a 162,000 sq ft office building in St Peter's Square.
The building will be constructed on the site currently occupied by Century House, Sussex House, Bennett House and Clarendon House, which would be demolished.
In a statement on Monday the developer said completion could come in late 2015 or early 2016. No decision has yet been taken about whether to wait for a certain amount of prelet or to build speculatively to exploit the supply shortage in new offices in the city centre.
The 11-storey building designed by Ian Simpson Architects is forecast to have an investment value on completion in excess of £80m.
The project team includes DTZ as letting agent, Deloitte Real Estate providing planning advice, Davis Langdon on cost consultancy and Troup Bywaters & Anders on mechanical and electrical. Funding has come via Santander, arranged and managed by Nigel Carson of Property Finance International.
Fred Done, owner of bookmaker Betfred, said: "This project once completed will create one of Manchester's most sought-after office spaces. We have worked extensively with the city and English Heritage to ensure the design complements their vision for the changing face of St Peter's Square. We are extremely proud to be connected to this project and the quality of the building that will be created."
The new office block would stand next to Argent and Greater Manchester Property Fund's One St Peter's Square, currently under construction.
Sir Howard Bernstein, chief executive of Manchester City Council, said: "The redevelopment of St Peter's Square is key to the growth of Manchester's economic centre. Our vision is to provide a world class setting to help reinforce the perception of Manchester as a dynamic, creative and confident city. The investment in Manchester's City Library, the extension of the Town Hall and the Metrolink Second City Crossing is going to reinvent the site, and Two St Peter's Square is an important element of that."
Ian Simpson, managing partner at Ian Simpson Architects, said: "From the beginning there was a desire to create a positive addition to the future aspirations for St Peter's Square that would be a defining component in the regeneration of the city's civic quarter. The contemporary exterior uses stone that bears a strong relationship to the locality and heritage architecture, and the decorative elevation will complement the staircase to the Town Hall Extension, creating visual cohesion within the site."