Construction News

11/05/2015

Patrizia Acquires Site In Manchester

Patrizia has announced the acquisition of a 20 acre development site in Manchester.

The 'First Street' site is partially developed, with a 180,000 sq ft office building that has an 'Excellent' rating from BREEAM.

Ford, Auto Trader and Jacobs Engineering are currently letting the building with a Weighted Average Lease Term of nine years.

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Plans include to build up to 1 million sq ft of office space and develop approximately 500 apartments on the site as 'build-to-let' properties.

The development will form the foundation of Patrizias’s plans for a dedicated Private Rental Sector (PRS) fund.

James Muir, Managing Director of Patrizia UK said: "With this investment, our property assets under management in the UK now amount to more than a billion pounds.

"Driven by attractive economic and demographic fundamentals in Manchester, and the growing trend for urbanisation, we are anticipating strong demand for this centrally located, high-quality accommodation which will be tailored to the private rental sector."

(LM/CD)

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