Wilmslow law firm and property specialists, Jackson Barrett & Gass, has advised property investors, Eamar Developments, on the purchase of the iconic Stockport Pyramid.
This is the Saudi investor’s latest property acquisition, adding to their circa £30m portfolio.
The Pyramid is a landmark site, located next to junction 1 of the M60, and was home to the Co-operative Bank since 1995. The building offers 86,000 sq ft of office space over five floors, as well as over 400 parking spaces, and was advertised with £4.5 million price tag when it was put up for sale by the Co-Operative Bank.
Speaking about the deal, Rick Barrow, Marketing Director of Wilmslow law firm Jackson Barrett & Gass said:
We are pleased to have acted on the purchase of this iconic site. Our client has been looking to make property purchases in the North West and are actively seeking new opportunities in the Stockport area.”
Eamar Developments will shortly commence a complete refurbishment of the property which will then be let as prime office space.
Eamar Development Executive Manager, Abduallah Alnaeem said:
This is certainly a flagship Stockport property and we are delighted to have the opportunity to make a significant investment in its refurbishment.”
“Stockport Council have outlined their transformational vision for the town which includes 1m square feet of mixed employment space. The town centre is undergoing a massive regeneration programme and it’s great to be part of it.”
The building has been purchased on a freehold basis with Cushman & Wakefield acting for the Co-operative Bank. Colliers International also acted for Eamar Developments from a business rates perspective. Colliers International and Impey are currently marketing the refurbished office space.
Image: L-R: Adam Garner, General Manager at Eamar Developments; Abdullah Alnaeem, Executive Manager at Eamar Developments; Rick Barrow, Marketing Director at Jackson Barrett & Gass,