Barbirolli Square revamp on the cards

A MAJOR redevelopment of Barbirolli Square in Manchester looks imminent as the exodus of professional services firms from the office complex near the Bridgewater Hall continues.

Law firm Addleshaw Goddard became the latest firm to announce it was to leave the building this week, and will move to One St Peter’s Square in February 2017.

Addleshaws’ departure means all the current tenants at Barbirolli Square will be leaving in the coming years. EY is moving to Two St Peter’s Square, which is currently under construction, while PwC is moving to a new build at Spinningfields.
 
TheBusinessDesk understands a plan for Barbirolli Square – built in 1997 on the banks of the Rochdale Canal – is in “gestation”.

The square comprises two buildings, the largest of which is 100 Barbirolli Square with a total of 142,000sq ft over nine floors.

It is currently under the ownership of Oaktree Capital Management and Moorfield, who bought the building from Scottish Widows Investment Partnership in 2013 for £41m.

101 Barbirolli Square, with 84,000sq ft, was bought by SWIP in 2014 from Hermes in a £30m deal.

One prominent Manchester commercial property specialist, who did not wish to be named, has said Barbirolli Square needed upgrading by eliminating wasted space and creating mixed use commercial units including waterfront bars and restaurants on the ground floors of the buildings.

Such a plan may yet come to fruition, but may be hampered because the two buildings are under separate ownership.

And it could also take time because, although companies are vacating the building, leases are still running and the buildings are still income producing.

No comment was available from Oaktree, Moorfield or SWIP.