Listed investment firm Topland Group is close to agreeing a 6,800 sq ft letting to the consulate at its 50,000 sq ft Spring Gardens building in Manchester, following an 11,000 sq ft letting to the Spanish Consulate earlier this year.
Under the deal, the Italian Consulate would take over the vacant second floor of the recently refurbished building, which Topland bought for around £20m from fund manager Patrizia last August.
The 6,800 sq ft earmarked for the consulate is the last remaining space within the grade two-listed building.
Earlier this year, insolvency practitioner Duff & Phelps agreed a 10-year lease on the fourth floor at The Chancery before the Spanish Consultate signed a 25-year lease on the ground and first floors.
Savills, which is brokering the Italian Consulate deal, is the joint letting agent for The Chancery with Knight Frank.
A planning application for the change of use of the second floor from office into a consulate has been submitted to Manchester City Council by Topland’s management company, Berkley Estates London. The Italian Consulate is currently based in Ardwick.