The Co-operative Group’s CIS tower in Manchester is on the market for a reported £50m, it has been revealed.
The site has been on the market for several months, according to reports, with JLL and Colliers International instructed to oversee the sale.
The Group and Co-operative Bank tenants will remain in the building after the sale, with a change of landlord.
The 387ft skyscraper was built between 1959 and 1962 to showcase the co-operative movement in Manchester. The ambitious development earned an iconic status, and was the country’s tallest building at the time of completion.
The Grade II-listed structure was covered in solar panels in 2004-5 under a £5.5m renovation, which saw it feeding electricity into the national grid.
The tower now lies at the heart of Manchester’s 20 acre NOMA project, opposite the Group’s new Angel Square HQ.
The sale is part of the ongoing strategy to regenerate the area, said a NOMA spokesman.
“The joint venture between the Co-op and Hermes Investment Management, responsible for the NOMA redevelopment, is looking to sell the CIS Tower,” he added.
“This decision will not affect the rights of the Co-op and the Co-operative Bank as the tenants in the building as it will simply result in a change of landlord.
“The tower will remain a crucial part of the wider NOMA estate, while the team focuses on the wider development of the area.”