The wider St John’s neighbourhood development has a total investment value of over £1.25bn.
The scheme – which is set to be built on the former site of Granada Television studios – will comprise over one million sq ft of commercial mixed-use space, including workspace, TV and film studios, hotel/leisure and various property infrastructure across 10 buildings.
Once completed, Enterprise City aims to provide work spaces for start-ups and SMEs, production facilities for media companies and buildings designed to attract global brands and industry leaders.
Aviva Investors will initially provide £300m for the project.
Manchester City Council awarded planning permission for the old Granada studio development in May.
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Daniel McHugh, managing director of real estate investments at Aviva Investors, said that this deal was fully aligned with its focused investment strategy and demonstrated its scale and expertise to fulfil large conviction-led investments in high-quality real estate assets.
“This scheme will deliver modern, vibrant space for enterprise and creative industries to thrive.
“We look forward to working closely with Allied London, Manchester City Council and regional stakeholders over the coming years to deliver this significant new project that creates outstanding real estate and a compelling long-term opportunity for our investors.”
Richard Leese, leader of Manchester City Council, said that this was encouraging news that added real weight and impetus to the Enterprise City ambition at St John’s.
“Manchester has the potential to incubate and support some of tomorrow’s great businesses and we need forward-thinking enterprise opportunities, such as this, to realise this great potential.”
Aviva Investors was advised by CBRE.
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