Patrizia has submitted plans for a 170,000 sq ft grade A office block at its newly acquired First Street development in Manchester.
The scheme will comprise a mix of retail and office space on the scheme’s central plaza, Tony Wilson Place.
Construction could begin in Q4 2015 with completion in summer 2017.
Gazprom has leased 40,000 sq ft at the new block, as revealed by Estates Gazette.
The 1m sq ft mixed-use scheme, designed by Fletcher Priest architects, includes 550 PRS flats, on a 20-acre site.
The First Street acquisition was Patrizia’s maiden investment in the UK PRS, and will be part of a dedicated PRS fund.
Patrizia UK managing director James Muir said: “Completion of this transaction quickly follows on from plans being submitted for a major new office development at First Street, another sign of progress, as we deliver on this ambitious scheme.
“This off-market transaction not only provides Patrizia with access to both development and asset management opportunities in a thriving regional city, but also provides the company with its first foothold in PRS as we target opportunities UK-wide.”
Patrizia UK head of portfolio management Rob Brook said: “Manchester is booming and First Street is right in the heart of this revitalised quarter, combining culture, living, commerce, and a host of retail and leisure opportunities. The new office development is designed to embrace its local surroundings and is at the forefront of modern workspace design.
“First Street has had a busy 2015 so far and we are very excited about the future potential for this site.”
Ask Real Estate is development manager on the project.
