Sir Howard Bernstein has scored his first victory in his drive to attract global financial talent to Manchester.
The Manchester council chief executive and the city’s inward investment body, MIDAS, have helped persuade the financial arm of automotive giant Ford to choose the North West city for a new European HQ.
Ford Motor Credit Company is in advanced talks to take 60,000 sq ft at Ask Development’s £500m First Street (pictured). A 10-year lease is expected to be agreed, with rents at the scheme at around £25 per sq ft.
Ford Credit appointed Cushman & Wakefield last autumn to scour Europe for a new HQ under the codename Project Bluefish, with the search taking in options on the continent and in London and Glasgow.
A source said: “Ford thought long and hard about the skills pool, the universities and the cost of working in Manchester as opposed to London. It’s a bit of Manchester taking the financial baton from London.”
Ford Credit is headquartered in Michigan, US, and primarily offers loans to car buyers and Ford dealerships.
In the UK, Ford Credit currently occupies a small office in Brentwood, Essex.
Russian energy giant Gazprom had been targeting the space at First Street for its 40,000 sq ft requirement.
Bernstein and MIDAS have also this week persuaded Towergate Insurance – a specialist broker with bases in Leadenhall Street, EC3, and Milton Keynes – to target Manchester with a 50,000 sq ft requirement for its retail brokerage business.
AutoTrader also this week confirmed a 60,000 sq ft lease at First Street, as revealed by EG.
CBRE and Savills are letting agents at First Street.
