Stockport Pyramid bought by Saudi investor

Eamar Developments has purchased the prominent 86,000 sq ft office from the Co-Operative Bank, which was on the market for around £4.5m.

Place North West understands the Co-operative Bank and Eamar have exchanged contracts on the sale of the building, although a definitive plan for the building’s future is yet to be decided.

According to Companies House, Eamar is headquartered in Stockport but is headed up by Saudi-based Saleh Abdullah Al-Naeem, listed as sole director; in its most recent accounts, it has property assets worth around £25m.

One of Stockport’s most recognisable buildings, the Pyramid was home to the Co-operative Bank from 1995, but many functions have since relocated to Manchester’s NOMA and other sites, leaving the office surplus to requirements.

Situated on Junction 1 of the M60, the building totals 86,000 sq ft over five floors with 426 on-site car parking spaces.

It has seen few major improvements since being completed in 1992, and it is understood refurbishment works would be extensive, costing several million pounds, with improvements needed to M&E, services, and glazing. Discussions are understood to be ongoing regarding the refurbishments.

The sale to Eamar is on a freehold basis; Cushman & Wakefield acted for the Co-Operative Bank.

The Pyramid has had a chequered history and laid empty for several years after its completion after its original developers went into administration. The Co-operative, which also funded the project, took control of the building in the hopes of finding a tenant, before moving in itself in 1995.