Pension Insurance Corporation to Back Manchester Office Development on First Street
Posted on 09/29/2022
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, agreed to invest £105 million to forward fund a new 130,000 square foot in operation office to be let to the Government Property Agency (GPA) for 25 years.
The new site will house approximately 2,500 U.K. government civil servants, including over 700 roles which will be relocated from London to Manchester as part of the Places for Growth initiative. The move of civil service roles to Manchester is expected by the U.K. government to generate £31 million in economic benefits for the city, down to increased footfall and spending from staff.
The GPA Hub at First Street is being developed by Ask Real Estate Limited and its joint venture partner, The Richardson Family. The Manchester First Street Hub is slated to be open in 2025.