Ashtrom Properties UK’s £82 Million Acquisition Of No. 8 First Street

Memery Crystal have advised Ashtrom Properties UK on the deal.

Ashtrom Properties UK acquired No. 8 First Street, a prime office development in Manchester. This is one of the largest single-asset transactions in Manchester for several years.

No.8 stands proudly in the centre of Manchester’s £500m First Street development and delivers 170,000 sq. ft. of Grade A, BREEAM Excellent office accommodation over six floors. This includes an unrivalled 26,000 sq. ft. of largely column-free floorplates, offering flexible layouts and generously proportioned office space.

Completed in 2019, No. 8 is built from attractive, high quality materials and has an architecturally responsive façade that works effectively both in its immediate environment and in the wider townscape. The development also boasts of unique and strategically placed winter gardens that provide further amenity space inside the building.

Current tenants include multidisciplinary consultancy WSP, energy company Gazprom, cinema brand Odeon, advisory, broking and solutions company Willis Towers Watson, and biotechnology firm Lonza.

The Memery Crystal team on this transaction was led by our co-head of real estate Alastair Moss (Picture) and senior associate Ayesha Qayum, and included Sophie Moonshine, Craig Jones, Phillipa Harking and Helen Abel from our real estate team. Banking and finance support was provided by our head of banking and finance Matthew Lindsay and Tom Driscoll; corporate support was provided by our head of corporate Nick Alfillé and Amrit Duhra; tax support was provided by head of tax Alex Barnes; construction support was provided by James Ashwin; planning support was provided by Claire Saffer; employment support was provided by Mark Rose; and commercial support was provided by Sylvia Mueller and Liam Hill.

Involved fees earner: Helen Abel – Memery Crystal; Nick Alfille – Memery Crystal; James Ashwin – Memery Crystal; Alex Barnes – Memery Crystal; Tom Driscoll – Memery Crystal; Amrit Duhra – Memery Crystal; Phillipa Harking – Memery Crystal; Craig Jones – Memery Crystal; Matthew Lindsay – Memery Crystal; Sophie Moonshine – Memery Crystal; Alastair Moss – Memery Crystal; Ayesha Qayum – Memery Crystal; Mark Rose – Memery Crystal;

Law Firms: Memery Crystal;

Clients: Ashtrom Properties UK;

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Federica Tiefenthaler

Author: Federica Tiefenthaler