St Michael’s-adjacent development opportunity hits market
Two office buildings on Peter Street have been put up for sale by their owners, who are seeking £8m for the site.
Located next door to the £400m St Michael’s mixed-use scheme, 29 and 35 Peter Street offer a combined 31,000 sq ft of office space across two blocks.
The owners, a pair of private individuals, are looking to offload the assets, whose ground floors are let to Brewdog and Rudy’s Pizza.
Colliers and Griffiths Eccles have been appointed to find a buyer for the site, which has both redevelopment and refurbishment potential.
Redevelopment options include a new-build nine-storey office offering 58,000 sq ft of workspace and a 162-bed hotel, according to marketing materials.
In terms of a refurb, 29 Peter Street was last overhauled in 2017, while 35 is in need of work to bring it up to standard.
At present, the only tenants within the office space of 35 are St Michael’s contractor Bowmer + Kirkland, which is occupying the first and second floors on a short-term lease.
Meanwhile, all but one floor at 29 Peter Street is occupied. Absolute Body Solutions, Reply, Business Insurance Solutions, and Wireless CCTV each occupies 1,800 sq ft.
At present, the assets generate a combined £533,000 a year in rent.
Oh fantastic, those two have needed to go since before they got built.
By H
Noooo, Brewdog is the best bar in this part of town
By Anonymous
Perhaps one of the most polarising streets in the city centre, featuring some of the finest architecture along with some of the worst. I do hope this, along with the Peaky Blinders unit get demolished and replaced with something fitting for the street, along with someone making use of the Theatre Royal building!
By Anonymous
The Theatre Royal ! I’d almost forgotten about that lovely old building, left to rot for so long now. I don’t even know who owns it anymore but there needs to be a plan to at least try to save and repurpose it. Not easy I know but much bigger things have been undertaken in Manchester.
By Evan sake
Good point about the theatre Royal, what is going on with that building? Didn’t the hotel next door have plans for it?
By Anonymous
The Theatre Royal, still being derelict in this part of Manchester is a mystery. Perhaps it is a similar scenario to the old Fire Station. A philistine with little respect for its history is just letting it rot.
By Elephant
Nine stories seems sensible. I hope whatever proposals come forward it reflects the unique architecture of this street (a brick build like Island perhaps?)
By Anonymous