Argent and the Greater Manchester Property Venture Fund have received detailed planning consent for the £120m redevelopment of Elisabeth House in Manchester city centre.
The scheme involves demolition of an existing 110,000 sq ft building, which was completed in the 1960s, replacing it with a 270,000 sq ft development, to be called One St Peter’s Square.
The mixed use scheme will feature retail and leisure space. It was designed by Glenn Howells Architects, and will be jointly funded by Argent and GMPVF.
Construction work will not start until part of the building is pre-let. Completion is not expected before 2014.
Manchester City Council, which has offices nearby, plans a wider revamp of St Peter’s Square.