The owner of what was once one of Manchester’s most prestigious business addresses has unveiled a multi-million pound upgrade to compete with nearby office schemes such as One St Peter’s Square.
Scottish Widows Investment Partnership (SWIP) acquired the six-storey 101 Barbirolli Square three years ago. It says a “significant investment” in the Great Bridgwater Street complex would allow it to “reposition itself in the marketplace”.
The 83,700 sq ft building is currently let to professional services firm PricewaterhouseCoopers (PwC) and the Anglo-American multinational law firm DLA Piper until 2017. Both are considering relocation with PwC looking at One Spinningfields — being built on the site of Quay House — while DLA is planning a move to the recently completed One St Peter’s Square.
A planning application is expected to be submitted later this year, but it’s known any refurbishment would include a new entrance and reception. The common areas and lifts will also be upgraded to create an open two-storey space with a “galleried” first floor.
Elaine McCann is investment manager at SWIP. “This investment demonstrates our commitment to 101 Barbirolli Square and to our valued occupiers,” she said. “The building occupies a strategic location within Manchester and by revitalising the internal space and creating a stylish working environment, we can create a quality product to meet the needs of modern occupiers.”
The office block was once the most prestigious office address in the city along with its neighbour, number 100 Barbirolli. The insurance company bought 101 for £30m from Hermes in 2011 and last year sold it to Oaktree Capital Management and Moorfield for £41m. Both complexes are almost 20-years-old.
The local office of commercial real estate services firm CBRE has been appointed to project manage the scheme. “This is an exciting opportunity to enhance and reposition an iconic office building in a fantastic setting near the recently revamped St Peter’s Square,” commented its director of building consultancy, Stephen Barnes. “The new space will ensure the long-term success of the building and is a vote of confidence in the regional office market from the building’s owner.”
One St Peter’s Square – the speculative office scheme developed jointly by Argent and Greater Manchester Property Venture Fund, the largest local authority pension fund in the UK – was last month signed off by its building contractors.
Accountancy giant KPMG will be moving into the top three-and-a-half floors of the 73,000 sq ft building in December and could well be joined by DLA Piper in the new year.
Fumo, part of the San Carlo Restaurant Group, has taken 5,000 sq ft over the ground and mezzanine level and has already started fitting out its new restaurant concept, which includes an architectural staircase linking the two floors.
