Gary Neville says ‘leap of faith’ paid off as No 1 St Michael’s in Manchester is fully let before building work completes

Footballer turned property developer Gary Neville says he’s proud of the “leap of faith” taken by his company Relentless Developments as its flagship office building is now fully let before it is even completed.

Relentless started work on the 100% speculative development in 2022 and has since secured six office tenants and three food and drink operators. It has three times set a new headline rent for offices in the city.

The business calls No.1 St Michael’s “the best new office development outside London” and says this is “the first time in 15 years a speculative office building of this scale in Manchester has been fully let prior to practical completion”.

Last month investment bank Cavendish announced it was opening its first office in Manchester and would be moving into No.1 St Michael’s in spring. In October Channel 4 confirmed it was to take 12,293 sq ft of space at No. 1 St Michael’s.

The scheme, set to open in late spring 2025, has been delivered by Relentless and investment firm KKR, supported by Manchester City Council. Bowmer & Kirkland started work on the building in January 2022. OBI Property, CBRE and Metis Real Estate are instructed to support Relentless with letting the commercial space, while Kuits Solicitors has provided legal advice.

Gary Neville, director at Relentless Developments, said: “It was a huge leap of faith to speculatively-build a development in excess of 200k sq ft but we’ve always been confident in our ambition for the building. We spent a great deal of time understanding what modern occupiers want from an office and ensured we carefully selected the right amenities and F&B operators into the development. We also recognised sustainability was crucial and invested heavily in time and capital to ensure our ESG credentials met the aspirations of our tenants.

“Achieving fully-let status ahead of completion is thanks in no small part to the world-class partners we’ve had supporting us along the way; KKR and Manchester City Council for remaining committed to our vision, our tenacious agent partners for marketing the scheme’s potential and B&K for the beautiful building we’ve created. I’d also like to thank all our tenants for their trust in our ability to set new standards in quality, aesthetic and experience for office working here in Manchester.”

Nicky Barker, head of asset management in KKR’s European Real Estate team, said: "In today’s market, top tenants expect world-class sustainability, a prime location and distinctive amenities – these have become crucial drivers of long-term value. This was the vision we shared with Relentless when collaborating on the development of St. Michael’s, a vision now affirmed by the project’s success in setting new benchmarks for Manchester’s real estate market."

Relentless will soon launch another 80k sq ft of office space at the neighbouring No. 2 St Michael’s.

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