Ask Real Estate Limited has secured new long-term investment following the sale of a majority stake in the company to the Richardson family.
Richardson’s undisclosed investment has bought out Carillion’s stake in the Manchester based property developer.
Ask Real Estate managing director John Hughes and finance director Jonathan Cross will continue to head up the Ask board.
Commenting on the sale of the majority stake to Richardson’s, John Hughes said: “Richardson’s investment into Ask Real Estate is a huge vote of confidence in the business putting us in a strong position to continue to grow our mixed-use portfolio, and deliver our business plan.”
Mark Morgan Richardson’s Head of Real Estate said: “We are delighted to be partnering with the Ask team to help bring to fruition their exciting development program and to support them in new ventures.”
Manchester based Ask Real Estate which was formed in 2000 has assembled a varied portfolio including the pioneering 20 acre First Street Estate in Manchester City Centre. Sold to PATRIZIA UK in May 2015, Ask continues to manage the development the scheme which is a key employment development for the economic growth of the city region.
The recent completion of the 165,000 sq ft 101 Embankment Grade A office scheme and the subsequent successful letting to Swinton Insurance Group was the largest letting in Manchester since 2004 and the largest ever letting in the city centre for a speculative office building, giving confidence for Ask and its joint venture partners to bring forward the second phase of the scheme which is scheduled to be on site early in 2018.
A planning consent achieved in July 2017 for the transformation of 1.74 acres on the former Bauer Millett Showrooms site adjacent to the Hilton Tower will a deliver significant development comprising a 40 storey landmark residential tower for 375 high end apartments together with a 240,000 sq ft Grade A office building over 14 storeys.
In the North East, a joint venture between Ask and PATRIZIA UK has been appointed by Gateshead Council to deliver an 800,000 sq ft mixed-use scheme comprising a new multi million pound, state of the art entertainment arena, and conference and exhibition centre on the banks of the River Tyne at Gateshead Quays
Richardson’s have a longstanding reputation for high quality real estate development and investment throughout the UK.