Aviva buys naming rights for Manchester’s £210m Factory
A multi-million-pound investment from the insurance, wealth, and retirement company has given the cultural venue a new identity.
Though Aviva Studios will be Factory’s name, organisation Factory International will still call the venue home and operate its extensive cultural programme when doors open in October – a few months after Manchester International Festival attendees preview the space later this month.
“Aviva is thrilled to be backing this new, world-class arts building in Manchester,” said Amanda Blanc, group chief executive officer of Aviva.
Blanc added later: “The new Aviva Studios will help make arts and culture more accessible and inclusive and follows the significant investment Aviva Investors has already made in Manchester, such as the development of Enterprise City.”
In 2018, the firm invested £300m in Allied London’s mixed-use project.
Aviva’s multi-year investment in Factory International also includes support for an affordable ticket strategy, which will see £10 tickets available for those who need them. This programme will be known as ‘Aviva £10 Tickets’.
Designed by OMA, the £210m cultural venue has been plagued by delays and cost increases since plans for the development were first approved in 2017.
The final budget for the 143,000 sq ft arts and culture venue has risen to £210.8m. This is £100m more than the original budget.
Elliot Willis, chief executive of WEEM Group, negotiated the naming deal with Aviva on behalf of Manchester City Council and Factory International. The naming rights deal, valued at an estimated £25m, will see Manchester City Council recoup some of the £86m it has invested in the project.
The naming rights income will be split 70/30 between the city council and Factory International. The authority set a minimum fundraising target of £24m for the deal last year, according to a report to its scrutiny committee.
Aviva Studios, which is being built by Laing O’Rourke, has also benefitted from more than £100m from the government.
Factory International predicts that Aviva Studios will add £1.1bn to the Manchester economy as it supports up to 1,500 direct and indirect jobs.
