Saudi investor, Eamar Developments, has agreed to purchase one of Stockport’s most iconic buildings – Stockport Pyramid – a great example of modern architecture.
The Pyramid, an 86,000 sq ft glass office facility at Kings Reach, was formerly occupied by the Co-Operative Bank and advertised for sale for around £4.5m.
Place North West understands the Co-operative Bank and Eamar have exchanged contracts on the sale of the building, although a definitive plan for the building’s future is yet to be decided.
Reportedly headquartered in Stockport, Eamar is headed up by Saudi-based Saleh Abdullah Al-Naeem, listed as sole director; in its most recent accounts, it has property assets worth around £25m.
The Pyramid, which was originally to be the first of three pyramid buildings to be built at Kings Reach, was empty for several years after its completion after its original developers went into administration. The Co-operative, which also funded the project, occupied the building in 1995 having failed to find a buyer.
Situated on Junction 1 of the M60, the building totals 86,000 sq ft over five floors with 426 on-site car parking spaces.
The sale to Eamar is on a freehold basis; Cushman & Wakefield acted for the Co-Operative Bank.
Source & Credit – Charlie Schouten – Place North West
