Schroder Real Estate Investment Management has been granted planning permission for the redevelopment of the podium level space at City Tower in Manchester.

Manchester City Council has approved plans for the multi-functional co-work and event space which will overlook Piccadilly Gardens in the city centre.

The £2m project will see the 2,645 sq ft space transformed to create a new, co-working offering and external terrace for existing tenants.

The podium level will also provide indoor and outdoor event space, with a focus on creating a health, mindfulness and wellbeing centre and offering business networking and private function opportunities.

Schroders has also considered the changing behaviour, working and travel patterns of tenants and has subsequently incorporated with additional shower facilities at podium level.

Designed by architects Sheppard Robson, tenants of the building, the project aims to create a contemporary architectural addition to the Manchester landmark.

Rob Cosslett, investment manager at Schroders, said: “We’re really pleased the planning application has been approved for the additional podium space at City Tower.

“Creating this space will facilitate a wider events programme and extra initiatives for tenants to participate in.

“It is important that we are recognising and responding to the changing needs of tenants. We launched a tenant initiative last year which has allowed us to gauge feedback and interest from our occupiers and adapt the building accordingly.

“The building operates a Cycle Hub which is actively used, and we are also pushing forward a health and wellbeing programme to incorporate further exercise classes. We’re confident the podium space will only enhance this offering and be able to facilitate a wider programme for tenants.”

James Jones, partner at Sheppard Robson, said: ” The building is not only the home to our Manchester office but also a structure that we have refreshed and remodelled in recent years.

“The latest news reinforces just how adaptable the building is and how continued investment can ensure it moves with the times, catering for changes in the way we work and way we live.”

Chris Sinton, senior planner for CBRE, planning consultants for the project, said: “Schroders continued commitment to investing in City Tower will secure this landmark building’s future as a premier office location in the City, meeting the evolving needs of tenants and contributing to the local economy.”

City Tower is owned in a joint venture held between Schroder Real Estate Investment Trust, the actively managed UK REIT, Schroder UK Real Estate Fund and Immobilien Europa Direkt.