Manchester City Council has granted planning permission to the conversion of the former Stock Exchange in Norfolk Street to a boutique hotel, funded by former Manchester United footballers Ryan Giggs and Gary Neville.
The five-storey hotel will have 35 bedrooms, a gym and spa, a roof terrace for members, and a ground floor restaurant in the space formerly occupied by Stock.
A development vehicle owned by Giggs and Neville bought the 23,000 sq ft grade two-listed property in 2013 for £1.5m.
Zerum advised on the planning application, project management and M&E, while AEW Architects designed the scheme.
Mike Ralph, partner and head of planning at Zerum said: "This planning approval creates an important platform for our client to finalise its operational requirements."
Andrew Rainford, director at AEW, said: "Following on from the success of Hotel Football, we have worked closely with Gary Neville and the team at Zerum on this landmark scheme and are pleased to have secured planning permission for this important project. This is set to become an exciting new leisure destination for Manchester, which will transform one of the city's most iconic buildings."
Giggs and Neville are working with Manchester City Council on a mixed-use development at Bootle Street, alongside the delivery of the 139-bedroom Hotel Football at Old Trafford.