A joint venture between Ask Real Estate and Richardson Family has secured funding to deliver the next phase of office development at First Street, in Manchester’s city centre.
The deal was inked with Pension Insurance Corporation, which will provide £105m for the development of a 130,900 sq ft workspace which has already been fully prelet to the Government Property Agency on a 25-year lease.
Other occupiers at First Street include Auto Trader, Jacobs, Ford Credit Europe, ODEON, WSP, Lonza and Willis Towers Watson.
Designed by Jon Matthews Architects, the new building is expected to achieve a NABERS Design for Performance 5.5* rating, featuring a cycle hub with storage for 130 bikes, co-working and breakout spaces, private roof terraces and winter gardens.
James Agar, head of long income at PIC, said: “This investment provides us with secure, long-dated and index-linked cashflows which are perfectly aligned to serving PIC’s purpose, which is to pay the pensions of our current and future policyholders over coming decades.”
John Hughes, managing director at Ask, added: “From a wider perspective, this investment highlights Manchester’s continuing strength as a forward-thinking city in which to work, live and visit.”
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