10  Jun 2016

N0.8 First Street reaches highest point in the latest development for First Street

PATRIZIA UK (“PATRIZIA”) announces that No8 First Street (“No8”), its 173,600 sq ft Grade A office building, has celebrated reaching the highest point of its development with a topping out ceremony. The building will deliver Manchester’s first office space with winter gardens.

On Wednesday October 5, guests including James Muir and Dan Williams from PATRIZIA UK, Councillors Susan Quinn, Mike Smith and Denise Ward representing GMPVF and John Hughes from Ask Real Estate Limited gathered at No8 to mark the start of the brickwork being laid.

No8 has been forward-funded by Greater Manchester Property Fund (GMPVF) in a joint venture with PATRIZIA UK, while Manchester-based developers Ask Real Estate Limited (AREL) continue to manage the construction phase of the development, which is being led by Carillion.

Due for completion in September 2017, the new seven-storey office development will be a key part of the 20-acre First Street site, and has already been partially pre-let to global energy company Gazprom, with significant interest in the remaining 106,000 sq ft of space from a range of occupiers looking to establish a base from this key location in Manchester.

Designed by Fletcher Priest architects, No8 will be arranged with three paired floors above street level, including retail and leisure amenities. The building will be virtually column free and features double-height winter gardens, providing occupiers with a unique 2,538 sq ft of alternative and creative working space in the centre of Manchester.

First Street, acquired by PATRIZIA in May 2015, has already become an attractive destination for residents of Manchester through its  extensive retail and leisure offer, with tenants including leading Manchester-born operators The Liquor Store and The Dockyard, as well as the Indian Tiffin Room, Sainsbury’s, Q-Park, Starbucks, INNSIDE Hotel and the cultural arts venue HOME. In addition to this leisure offer, First Street is also home to a number of office tenants including Auto Trader, Ford Credit Europe, Jacobs and Amaze, and in June 2016 received planning permission from Manchester City Council for the development of 624 Build to Rent units.

GMPVF is a £500m property development fund for the north west of England. It forms part of the GM Pension Fund, the largest local authority Pension Fund in England, with assets in excess of £18 bn.

James Muir, Managing Director of PATRIZIA UK and Ireland, said: “Now that No8 has reached the highest point in its build programme you can really see now how impressive this building is going to be. First Street is already one of the prime office locations in the City with No1 home to an impressive line-up of high profile companies including AutoTrader, Ford Credit Bank, Jacobs Engineering and Amaze, which together employ over 2000 people.  However combined with the leisure and forthcoming residential offer, it is now a confirmed destination within the city of Manchester.”

Councillor Susan Quinn added: “GMPVF has a long history of investing in developments in Greater Manchester to achieve its twin aims of commercial returns for the Pension Fund and positive impact in the area; we are delighted to be working with PATRIZIA on this prestigious development which follows on from our success at 1 St Peter’s Square.”

John Hughes Managing Director of AREL also added: “No8 continues to attract attention from companies looking to move into the city centre from outlying areas, bringing with them valuable staff members and recruiting new talent from a wider local employment pool.  The location of First Street and its exceptional connectivity to the region’s transport networks makes it an extremely attractive proposition for larger firms which want to give their staff the benefits of working in the heart of the City whilst having an easy commute and access to a wide range of top class amenity.”

Savills and Bilfinger GVA are instructed as joint agents on the scheme.