Patrizia offloads First Street PRS to Downing

Jessica Middleton-Pugh

Developer and contractor Downing is understood to have exchanged contracts with Patrizia Immobilien to buy a First Street plot with planning consent for 624 apartments, for around £18m.

Patrizia gained consent for the scheme in May 2016. Designed by CallisonRTKL, the approval covers a PRS project across four blocks at the southern end of First Street. At its highest, the buildings would total 24 and 26 storeys.

Downing is already on site at the nearby River Street site, a long-stalled development which Downing took over in 2017. The 37-storey tower designed by SimpsonHaugh is targeted at students and totals 807 bedrooms for rent.

First Street has been a major mixed-use development area in Manchester over the last decade, and in the early stages was led by Ask Real Estate in partnership with Manchester City Council, before the scheme was sold in its entirety to German investor Patrizia in 2015, with Ask keeping a development manager role.

Ask then bought back into First Street, acquiring a plot at First Street Central through a joint venture with Richardson, with Patrizia retaining a 10% stake. Patrizia retained ownership of the southern end of the site.

Patrizia and Downing both declined to comment.

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This is a horrible low budget scheme that needs a complete redesign, especially now given that there’s increased grade A office space being built next door (probably for the BT relocation).

By Ben S

Patrizia have been a complete waste of time

By York Street

Surely Manchester has moved on from tinpot designs like that. Be honest, we don’t need this, with the huge developments going on up Chester Road. Expand the entertainment around HOME and make it a hub and entrance to the city.

By l131b

Hopefully we get a redesign as the consented scheme is very poor.

By NES

The original Downing stuff there with corten steel was good so they should be able to improve it.

By Derek

Looks like a rip off of the building along Rochdale road.

By Aaron

Smart move by Patrizia – offloading before the residential oversupply hits

By Nico

Looks like it’ll be changing from PRS to student accommodation. Probably fits changes in supply and demand.

By ALL

Keep the students in Fallowfield

By Poster

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