German asset manager Patrizia has received planning permission to develop 624 apartments for private rental at First Street, Manchester.
The project is the first major PRS development by Patrizia in the UK and one of the first purpose-built build-to- rent developments in Manchester.
Patrizia acquired the site in May 2015 and subsequently developed plans for a build-to-rent specific scheme in the centre of Manchester in response to demand for high-quality rented living space from professionals based in the city.
The completed scheme will comprise four towers of up to 23 storeys in height and will also offer 2,300 m2 of raised garden space, 350 m2 of private amenity space, car parking, tenants storage areas and 1,250 m2 of mixed commercial use at street level.
Construction is expected to commence in the fourth quarter of 2016 with a view to delivering the completed development by mid-2019.
James Muir, managing director at Patrizia UK, said: 'Manchester is absolutely thriving and we are excited to have such a substantial footprint in the city and look forward to delivering the scheme as we build on our UK BTR strategy.'
