Aviva’s global asset management business has acquired an office development site in the northwest of England for an undisclosed sum.
Aviva Investors said it will forward fund the development of Eleven York Street in Manchester having acquired the freehold interest in the site from Kier Property, the development arm of Kier Group.
Kier Property and Aviva Investors will work in partnership to deliver the 85,000sqft office development.
The building will provide office space totalling 79,165sqft over seven upper floors with floor plates of between 10,211sqft and 11,668sqft.
In addition, the property will include two ground floor retail and leisure units totalling 5,274sqft, as well as 23 basement car parking spaces.
The development, originally known as Oddfellows House, is due to complete in the fourth quarter of 2019.
Aviva Investors said it expects to continue to further build on its commitment to the region in the current year.
Aviva Investors’ previous deals in Manchester include the acquisition of 201 Deansgate and 55 Spring Gardens in 2017. It also recently refurbished 11 Portland Street and the leisure and dining destination at the Corn Exchange.
Christian Anderton, an associate director at Aviva Investors, said: “York Street will represent our best specified office asset in Manchester and adds to a strong portfolio of space diversified by location and price point.
”Manchester, which is characterised by a lack of new Grade A stock being delivered locally, forms a major part of our targeted cluster investment strategy.”