Aviva signs latest tenant to refurbished Portland Street block

Smartphone chip designer ARM Holdings is close to agreeing the lease on 13,400 sq ft within Aviva Investor’s recently refurbished Eleven Portland Street, with an option to take the rest of the 19,000 sq ft seventh floor.

Aviva completed the refurbishment of the Manchester building, formerly known as Westminster House, last month, and is offering offices at a quoted rent of £24/sq ft, compared to £15/sq ft before refurbishment.

The 150,000 sq ft building is already home to Lloyds Banking Group, which has occupied 57,000 sq ft on three floors throughout the refurbishment.

Conference host ETC Venues has taken 19,000 sq ft on the eighth floor.

The revamped offices were launched by Aviva to the city’s agents at an event yesterday.

Speaking at the launch, Gary Sherwin, head of investment transactions at Aviva Investors, said 80% of the work carried out this year on the business’s managed funds was on sales. Sherwin said Aviva was a net seller in this late-cycle market; selling 100 properties this year and buying only six, four of these in Manchester and two in London.

Sherwin said the fund is a net seller but not a complete seller and will buy selectively in strategic locations with strong economic outlooks, including Manchester.

Among its acquisitions this year Aviva has bought 55 Spring Gardens office in central Manchester, the first phase of Handforth Dean Shopping Park, and is under offer to buy the Amazon-let shed at Logistics North in Bolton.

Following the lettings at Eleven Portland Street, around 55,000 sq ft remains available.

Savills and Cushman & Wakefield acted for Aviva Investors.