Richardson Family backing two major developments

19th March 2019

West Midlands’ property giants the Richardson family are backing a pair of major developments that are helping change the face of Manchester’s up and coming First Street area.

Deals with Whitbread will see a 200-bedroom Premier Inn hotel created at First Street and the redevelopment of the existing Premier Inn Deansgate Locks hotel nearby, with a separate 480,000 sq ft mixed use scheme.

It is part of a masterplan for the First Street area, approved by Manchester City Council last year, that will see the Richardson family, Ask Real Estate, and European property investment group Patrizia develop up to 1m sq ft of offices at First Street.

The estate is home to the INNSIDE Manchester hotel, a 279-room Vita Student scheme, a 700-space Q-Park, the HOME arts venue and a host of bars, leisure operators and restaurants.

A spokesman for the Richardson family said: “While our roots are in the Black Country, we have a long history of investment in Manchester and are proud to have played a leading role in the development of the city as a modern major business and leisure destination. It is part of the reason we took a majority stake in Ask Real Estate two years ago.

“Our role at First Street is a continuation of that commitment, which has seen us working alongside the city council in its ambitions for Manchester.”

Sir Richard Leese, Leader of Manchester City Council, commented: “First Street is located at this important gateway into Manchester and as the estate continues to evolve it will further connect the city centre with the Oxford Road Corridor and University district.

“As well as helping to further realise our vision for First Street, we are pleased that this announcement will also lead to the redevelopment of the existing Premier Inn site.

“The ambition to create a cultural hub for Manchester, bringing up to 10,000 jobs to the city, will be further enhanced by this new phase of first class commercial development.”

The First Street Premier Inn project will see the hotel operator occupy the top five floors of a new 16 storey mixed-use development which secured planning permission in December 2018. Construction of the new building will start this summer and is due for completion in early 2021.

The deal will simultaneously see a second joint venture partnership between Ask Real Estate, the Richardson family and Whitbread bring forward a planning application to redevelop the existing Premier Inn Deansgate Locks hotel site, adjacent to First Street, with a separate 480,000 sq ft mixed-use scheme. A planning application for the development is expected to be submitted to Manchester City Council in May this year.

 

Premier Inn is the first confirmed tenant in the new building at First Street and will occupy floors 12-16, with 160,000 sq ft of Grade A offices on floors 1-11.

The architect for the building is Jon Matthews Architects. Deloitte advised on planning for the project and DWF were Whitbread’s legal advisor on the transactions.

Source Express and Star March 17th

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