MCR Property Group Acquires Iconic CIS Tower

Originally built in 1962, the CIS Tower was Manchester’s first true skyscraper and, at the time, the tallest building in the UK. A defining feature of the city’s skyline and a flagship of post war modernist architecture, the Grade II listed tower served as the headquarters of the Co-operative Insurance Society until 2020 and remains one of the most important heritage assets in Manchester’s architectural and economic history.

Located in the heart of NOMA, this is a strategic acquisition for MCR that will sit alongside its wider interests in this part of Manchester, including the nearby Gould Street development site. The acquisition reflects the Group’s continued confidence in the city and its commitment to investing in well located assets.  Previous projects including Harter Street, Aeroworks and Beehive Mill demonstrate MCR’s ability to unlock value from complex heritage assets while protecting the architectural character that made them important in the first place.

The building extends to circa 650,000 sq ft, and provides scope for enhancement through a sympathetic, sustainable and cohesively designed scheme protecting and preserving a historically significant asset of the City.  The Group has built its reputation on identifying underutilised buildings in strong locations, applying customised asset management strategies, targeted capital investment and clear commercial thinking to reposition them successfully.

Aneel Mussarat, Founder of MCR Property Group, said:

“The CIS Tower is a generational asset. These opportunities are exceptionally rare and require conviction, speed and capital certainty to execute.

We have built MCR on a very clear model, acquire well, manage intensively and realise value over time. This building fits that strategy perfectly. It is one of the most recognisable structures in the UK, but more importantly, it is an asset with significant untapped potential that has been overlooked for many years.

We are not passive owners. We take control of assets and actively reposition them. That means rigorous asset management, clear commercial thinking and long term capital backing.

I have admired this building for many years and recognise its significance to The Council as well as the people and City of Manchester.  This is a once in a lifetime opportunity to breathe fresh life into a much loved but neglected property, creating a modern and sustainable future for the CIS Tower.’’

A comprehensive review of the asset has been ongoing for some time but with the purchase now complete the Group will work closely with Manchester City Council’s Planning & Conservation Officers, Historic England and other relevant heritage bodies, to ensure the CIS Tower continues to play a central role in Manchester’s evolving commercial landscape.