Global real-estate investment firm AM Alpha is set to redevelop the iconic Rylands building in Manchester into a mixed-use development site comprising retail, leisure and office space.
The Grade II listed building on the corner of Market Street and High Street was originally built as a warehouse but later saw use as a department store, until the collapse of Debenhams in 2021 saw the building close.
The refurbishment will include redevelopment of the existing business and conversion of the upper floors into high-quality office space. The ground floor will see the development of a shopping arcade.
AM Alpha will also add a four-storey extension which will see the Rylands building become ten floors tall after the refurbishment.
Enabling works for the transformation of the building have already begun, with main works expected to start in 2023 and completion expected in early 2025.
The building is designed to achieve Net Zero Carbon status.
Local company Russell WBHO will work as construction partner for the project, while local property companies OBI and Barker Proudlove have been appointed as letting agents.
Will Lewis, founder of OBI, said: “The property is close to bustling areas such as Piccadilly Gardens and the Northern Quarter and will appeal to many local businesses. Due to the sought after location, we already see a lot of interest from potential future tenants.”