Aviva Investors has completed the €52.5m (£45m) forward funding of Plot 14 within Circle Square, a prime city centre development on Brook Street, in the heart of Manchester’s innovation district. Covering a total area of 432,311ft², the development at Plot 14 will feature a 158-bed hotel and multi-storey car park, offering to park for 1,014 vehicles; both of which have been let for an initial term of 25 years and 35 years respectively. The multi-storey car park and hotel are scheduled for completion in August 2020.
John Osborn, Director, Real Estate, and Fund Manager at Aviva Investors, said: “Manchester is one of our core cities within our UK real estate strategy, which focuses on investments in durable, high-quality real estate assets in strong economic locations. Occupying a prime location in Manchester city centre, Plot 14 is situated on a prominent site within the Circle Square development, which we expect to provide our portfolio with a strong source of long-term, inflation-linked income for investors.”
Chris Roberts, Chief Development officer at Bruntwood, said: “We’re pleased to have agreed a funding deal with Aviva Investors for the new car park and hotel at Circle Square, which represents a major step forward for both this building and the place as a whole. Circle Square will be an exciting new destination to live and work, offering an unparalleled experience to those visiting for both business and pleasure. We look forward to working with Aviva Investors as the project progresses.”
