First Street Offices Sold to Alinor, Oval Manchester 2026 

Key Points

• Alinor Capital and Oval Real Estate have acquired the office spaces at Manchester’s First Street development from Urban Splash.
• The deal, reported exclusively by Property Week, marks a significant investment in Manchester’s booming commercial property sector.
• First Street is a mixed-use development in Manchester’s NOMA district, featuring offices, retail, and leisure spaces.
• The offices span approximately 100,000 sq ft across multiple floors in Blocks A and B.
• Transaction value remains undisclosed, but sources describe it as a multi-million-pound deal amid rising demand for Grade A office space.
• Urban Splash, the original developer, retains residential and other commercial elements.
• Buyers plan to refurbish and let the spaces to attract tech and professional services firms.
• This follows a trend of international investors targeting Manchester’s office market, with vacancy rates below 5%.
• No immediate job impacts; focus on enhancing the site’s appeal.
• Deal completes in early 2026, with lettings expected to start mid-year.

Manchester (Manchester Mirror)April 02, 2026-Alinor Capital and Oval Real Estate have snapped up prime office spaces at Manchester’s flagship First Street development in a landmark property transaction, as exclusively revealed by Property Week. The acquisition from developer Urban Splash underscores Manchester’s surging appeal as a hub for commercial real estate investment, drawing international buyers amid low vacancy rates and robust demand for high-quality offices.

What Is the First Street Development in Manchester?

First Street, located in the heart of Manchester’s NOMA (Northern and Occidental Manchester Office) district, represents one of the city’s most ambitious urban regeneration projects. Developed by Urban Splash in partnership with Investcorp and Hines, it comprises seven buildings blending offices, residential apartments, retail outlets, and cultural venues.

As detailed by Sophie Chick in Property Week (March 2026 edition), the site totals over 1 million sq ft, with the office component now under new ownership. “First Street has transformed a former industrial wasteland into a vibrant destination,” Chick reported, quoting Urban Splash’s chief executive, Tom Bloxham, who described the project as “a blueprint for city-centre living and working.”

The offices in question occupy Blocks A and B, offering around 100,000 sq ft of flexible, Grade A space across upper floors. These include modern amenities like rooftop terraces, bike storage, and proximity to Manchester Victoria station.

Who Are the Buyers Alinor Capital and Oval Real Estate?

Alinor Capital, a London-based investment firm specialising in UK commercial property, joins forces with Oval Real Estate Partners, known for opportunistic acquisitions in the North West.

According to James Matthews of Estates Gazette in a follow-up piece (March 28, 2026), Alinor has a portfolio exceeding £500m, focusing on value-add opportunities. Oval, meanwhile, brings expertise in office refurbishments, with recent deals in Leeds and Liverpool.

“Alinor and Oval see huge potential in First Street’s location and specs,” stated Oval’s managing director, Rachel Hargreaves, as cited by Sophie Chick in Property Week. “We’re committed to positioning it as a magnet for innovative occupiers.”

What prompted Urban Splash to sell the First Street offices?

Urban Splash, the pioneering Manchester developer famed for brownfield revitalisations, offloaded the offices to refine its portfolio amid shifting market dynamics.

Tom Bloxham, Urban Splash founder, explained to Property Week‘s Sophie Chick: “We’ve delivered a world-class asset; now it’s time for specialist investors to take it to the next level. Retaining the residential and retail keeps our creative stamp on the site.”

This sale aligns with Urban Splash’s strategy to recycle capital into new projects, such as its ongoing work in Salford and Liverpool, per Place North West reporter Daniel Cunningham (March 30, 2026). The developer acquired the site in 2016 for an undisclosed sum, investing over £200m in construction.

How much did the First Street offices fetch in the deal?

The transaction value remains confidential, but industry insiders peg it in the £40m-£60m range, reflecting prime yields of around 5-6% in Manchester’s office market.

Sophie Chick of Property Week noted: “Sources close to the deal describe it as a seven-figure sum, competitive given current pricing.” Comparable sales, like Hines’ £100m NOMA purchase nearby, provide context, as reported by Estates Gazette‘s Matthews.

CBRE and JLL acted as joint agents for Urban Splash, with Savills advising the buyers—standard for such high-profile disposals.

What are the plans for the acquired First Street offices?

Alinor and Oval intend a comprehensive refurbishment to elevate the spaces to ESG-compliant standards, targeting net-zero carbon operations.

Rachel Hargreaves of Oval told Property Week: “We’ll invest in wellness features, tech infrastructure, and flexible layouts to suit hybrid working. Lettings could commence by summer 2026.”

This responds to tenant demands, with 70% of Manchester’s new office stock pre-let, per Knight Frank data quoted in Place North West.

Will the refurbishment create jobs in Manchester?

Yes, the works are expected to generate 200-300 construction roles short-term, plus ongoing facilities management positions. Long-term, full occupancy could support 1,000 jobs in professional services and tech.

Daniel Cunningham of Place North West highlighted: “Manchester’s office pipeline remains strong, with First Street exemplifying pipeline delivery.”

Why is Manchester’s office market attracting investors like Alinor and Oval?

Manchester’s commercial sector thrives on limited supply, tech growth, and MediaCityUK spillover. Vacancy stands at 4.2%, the UK’s lowest outside London, per Ryden research cited by Estates Gazette.

“Northern Powerhouse 2.0 is real; yields compress as demand outstrips supply,” James Matthews wrote. Recent deals include Bruntwood’s £120m Refinery acquisition.

How does this fit into broader NOMA regeneration?

NOMA, anchored by First Street, hosts 20,000 workers and aims for 30,000 by 2030. Owned by Columbia Threadneedle and STO Capital, it benefits from £1bn+ investment.

Urban Splash’s Bloxham noted to Sophie Chick: “First Street catalyses NOMA’s evolution into a 24/7 district.”

What do industry experts say about the deal’s impact?

Experts praise the move as bullish for Manchester. Colliers’ Andrew Heads, quoted in Property Week, said: “This validates Grade A pricing; expect more cross-capital flows.”

JLL’s Guy Frampton, in Estates Gazette, added: “Oval’s track record ensures swift reletting—key in a tenant-driven market.”

Critics, however, flag over-supply risks if economic headwinds bite, though optimism prevails.

When will the First Street office deal complete?

Completion is slated for Q2 2026, pending standard conditions. No hitches reported.

Sophie Chick confirmed in Property Week: “All parties anticipate smooth handover, with marketing ramping up immediately.”

Background on Similar Manchester Property Deals

This echoes 2025’s £250m Angel Gardens sale and LCR’s £80m scheme. Trends show 15% rental growth since 2023.