A prime development opportunity in central Manchester has been put up for sale.
Dublin-based developer and contractor Walls Group, in partnership with the National Asset Management Agency and Manchester council, is seeking a developer to buy the vacant 50,000 sq ft London Scottish House.
WHR Property Consultants and CBRE have been appointed to handle the sale.
An asking price is not being quoted for the 1970s-built property, which Walls bought from London Scottish Bank for £20m in 2007.
The group had intended to redevelop London Scottish House as 260,000 sq ft of speculative grade A offices. However, the recession forced it to reconsider its plans and focus on its construction business.
Sources said the building could either be refurbished and extended to provide 100,000 sq ft of prime office space, or redeveloped as a 180,000 sq ft new-build scheme with 12,000 sq ft floorplates.
Mike Hawkins, partner with WHR, said: “London Scottish House represents one of the most significant redevelopment sites within this area. With superb amenities and excellent transport links, it has the potential to be one of Manchester’s iconic landmarks.”
The block is close to Manchester Central conference centre and St Peter’s Square, an area subject to extensive regeneration by the council and developers including Argent and the Greater Manchester Property Venture Fund, which plan to deliver the 270,000 sq ft One St Peter’s Square scheme by 2014.
