A complete refurbishment of Stockport Pyramid by new owners, Eamar Developments, will commence shortly, before the building is let. Saudi investors, Eamar, agreed the purchase of the iconic Stockport landmark from the Co-Operative Bank in May this year.
The company plan to let Stockport Pyramid as office space following a refurbishment, and it is currently being marketed by Colliers International and Impey. Eamar Developments is owned by Saudi Arabia-based investor, Saleh Abdullah Al-Naeem, and has a property portfolio of around £30 million.
Eamar Development Executive Manager, Abdullah 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 1 million square feet of mixed employment space. The town centre is undergoing a massive regeneration programme and it’s great to be part of it.”
Wilmslow-based property law specialists, Jackson Barrett & Gass advised Eamar on the purchase. Speaking about the deal, Rick Barrow, Marketing Director of 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.”
Located next to Junction 1 of the M60, The Pyramid was home to the Co-Operative Bank from 1995 until 2019, moving into the property after failing to find a buyer. The iconic building was originally intended to be one of three pyramids on the Kings Reach site, but development was halted after the original developers went into administration.
The building totals 86,000 sq ft over five floors, with 426 on-site car parking spaces. The Pyramid was advertised for sale at around £4.5 million.
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.