Patrizia is currently working on the latest development estimated £90m residential scheme on a three-acre plot at the southern end of First Street, marking the company’s maiden investment in the UK Private Rental Sector (‘PRS’).
This development will form the foundation of Patrizia’s plans for a dedicated PRS fund, building on the company’s significant European track record in the sector, which already includes the management of 80,000 apartments worth €7bn.
Cundall’s previous involvements on First Street site included the 10-storeys 208-beds Melia Innside Hotel, nine bar and restaurant units, and Q-Park 700 multi-storey carpark spaces. We are currently on site with Plot-5, a commercial office development.
First Street represents a unique regeneration opportunity within the city centre of Manchester. The new scheme will consist of circa 624 apartments private rented sector (PRS) residential units rising to 26 storeys, with ground floor commercial units surrounded by 35,000 sq ft of landscaped public realm. Completion is due Q4 2019.
Lee Leston-Jones, Partner said “We are delighted to be involved in the latest phase of the First Street development, and to work alongside Patrizia / Ask Real Estate team on the delivery of this market leading project. Patrizia’s extensive experience of the PRS market will bring something unique, with a strong focus on design quality and placemaking through high quality public realm as part of this vibrant new neighbourhood in the heart of Manchester City Centre.”