No.8 First Street has been sold to Ashtrom Properties UK for £82m. A speculative development by Greater Manchester Property Venture Fund (GMPVF) and Patrizia, No.8 First Street is a prime office scheme in one of Manchester’s most distinctive, award-winning neighbourhoods.
First Street has emerged as one of Manchester’s most vibrant hubs for business, leisure and culture, attracting high profile tenants such as Odeon, Gazprom, Lonza, WSP and Willis Towers Watson. Only one 14,000 sq ft unit is currently available, illustrating the development’s popularity as an attractive investment opportunity.
David Winterbottom from Avison Young, who acted on behalf of First Street, said: “The deal with Ashtrom Properties at No.8 First Street represents the firm’s first investment into the Manchester office market, demonstrating that despite the recent challenges, there is still great confidence in the city as it begins to emerge from the pandemic and takes steps towards recovery.”
Guy Lewinsohn, CEO at Ashtrom Properties, said: “The acquisition of No.8 is in line with our current strategy of investing in regional cities. We are thrilled to add this well-connected, prime office development surrounded by brilliant amenities to our portfolio.”
No.8 delivers 170,000 sq ft of Grade A BREEAM Excellent office accommodation over six floors, with unrivalled 26,500 sq ft, largely column free floorplates, offering flexible layouts and generously proportioned office space. The building has an architecturally responsive façade, sympathetic to its neighbours and works effectively both in its immediate environment and in the wider townscape.
Ashtrom Properties’ legal advisers were full service firm Memery Crystal led by their co-head of real estate Alastair Moss and senior associate Ayesha Qayum. Brotherton Real Estate advised Ashtrom on financing. Commercial Properties and Burlington Green Partners acted on behalf of Ashtrom Properties UK for the acquisition.