ASK has sold its £500m 20-acre First Street scheme on Albion Street to the UK subsidiary of European real estate firm Patrizia Immobilien for an undisclosed sum.
The intial phase of the Ask scheme neared practical completion last week
The deal includes: the 180,000 sq ft Number One First Street (occupied by Auto Trader and Gazprom), the newly opened 208-room four-star Melia INNSIDE hotel, nine new food and drink units and extensive public realm.
Further development phases on the site will ultimately provide a new commercial neighbourhood for Manchester with a total of almost 1,000,000 sq ft of sustainable, campus-style office buildings, alongside a new residential neighbourhood of up to 500 PRS apartments.
The intial phase of the Ask scheme neared practical completion last week, with Pizza Express and Sainsbury's confirmed as tenants alongside HOME - Manchester's new £25m arts and culture centre.
John Hughes, managing director of Ask Real Estate, said: “As a Manchester-focused development company, we are looking forward to continuing our work on First Street with Patrizia UK to deliver the next phases of development.
"We are very proud of having brought the first phase of this major transformational scheme to completion in partnership with Manchester City Council, and we look forward to continuing our excellent working relationship with Manchester City Council and forging a new one with Patrizia.”
