Property developer Patrizia has revealed plans for a private rental scheme in Manchester’s First Street regeneration area that will create new jobs and boost economic growth.

The site has capacity for the development of up to 1 million sq ft of office space and approximately 500 new apartments.

The development will be a Grade A BREEAM ‘Excellent’ building with a Weighted Average Lease Term of nine years and is let to high quality occupiers such as Ford, Auto Trader and Jacobs Engineering.

A key cultural, sporting and business hub, Manchester is one of the most sought-after cities in the UK for property investment.

There is particular appetite for PRS development, driven by a lack of good quality private rental accommodation, a thriving employment market, and a city council focused on the benefits of regeneration.

James Muir, Managing Director of Patrizia UK, said: “We have been carefully implementing our strategy of investing in high-growth locations across the UK.

“With this investment, our property assets under management in the UK now amount to more than a billion pounds. Driven by attractive economic and demographic fundamentals in Manchester, and the growing trend for urbanisation, we are anticipating strong demand for this centrally located, high-quality accommodation which will be tailored to the private rental sector.

“Together with the new commercial buildings we expect to create an attractive investment opportunity for institutional investors. We see this project as an ideal first investment for our planned Patrizia UK PRS Fund.”