Patrizia details 26-storey Manchester PRS scheme

Jessica Middleton-Pugh

The European real estate investment company is inviting the public to comment on its proposals for 624 private rented sector apartments on a three-acre plot at the southern end of First Street.

Designed by Callison RTKL, at its highest the development will be 26 and 24 storeys, with ground floor commercial units surrounded by 35,000 sq ft of landscaped public realm.

The scheme will be targeted at young professionals, and will provide a mix of one-, two-, and three-bedroom apartments and duplexes.

A planning application is due to be submitted in the coming weeks.

The site, known as Plot 8, was previously earmarked for an ‘integrated anchor destination’ featuring an office, hotel and car park. A planning application was submitted in 2012 but never progressed.

Deloitte is advising Patrizia on the planning application. Exterior Architecture is designing the public realm, and Cundall is the engineer.

Patrizia will retain the ownership and management of the apartments, as its flagship PRS scheme in Manchester.

The UK arm of Patrizia Immobilien AG bought the 20-acre mixed-use First Street in Manchester in May 2015 from Ask Real Estate. Ask is now the local development partner for the site.

At the time of the purchase Patrizia said it planned to bring forward the development of 1m sq ft of offices at First Street, alongside a PRS development.

The PRS scheme will form the foundation of Patrizia’s plans for a dedicated UK PRS fund.

Patrizia’s sale of the Melia INNSIDE Hotel at First Street for £30m, also announced today, is understood to be contributing to the development of the PRS element of First Street.

The plans were revealed at a public consultation event held on Thursday 14 January. The proposals are now available to view online.

To download the plans and consultation boards click here

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By Jack

Really pleased to see Patrizia come up with a deliverable scheme. Will be great for Manchester and the area when it gets delivered. Given they will also be the investor, it is interesting that they have decided 26 storeys is the best balance between density / height vs build cost. Says to me that anything higher than this may struggle to get off the ground, as the rents / cap values required to make it stack are too punchy for the market.

By Realist Surveyor