After purchasing the iconic building earlier this year, Eamar Developments has appointed agents Colliers and Impey to market the 86,000 sq ft office whilst carrying out a full refurbishment.
Place North West revealed Saudi investor Eamar had bought the five-storey building in May from the Co-operative Bank, which had owned the building since 1995.
Many of the bank’s functions have been relocated to Manchester’s NOMA and other sites, leaving the office surplus to requirements; the Pyramid was on the market for around £4.5m.
Eamar has now decided to progress with a full refurbishment of the building and is marketing it as a ‘headquarters-style’ office, with the intention that it be a single-let.
The building will be refurbished to a Grade A standard and Eamar is also planning to offer naming rights to potential occupiers. 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.
Colliers International and Impey have been appointed as agents although a quoting rent has not yet been set.
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.
Cushman & Wakefield acted for the Co-operative Bank on the sale to Eamar.
Dominic Pozzoni, director, national offices at Colliers, said: “The forthcoming availability of The Pyramid represents an exciting and unique opportunity for businesses to acquire an exceptional HQ office building in an outstanding location.
“Upon completion of the refurbishment, The Pyramid will help to address the strong level of demand from businesses seeking Grade A office space in South Manchester.”
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.