Aviva picks up 40 Spring Gardens for £55m

Manchester office building 40 Spring Gardens has been sold to Aviva Investors by Impax Asset Management for a price understood to be around £55m.

In May 2018, Place North West reported that Aviva was considering a move for the 100,000 sq ft nine-storey building, which had previously been sold by Himor to Climate Change Capital for £45m in 2010, transferring to Impax on CCC’s 2012 sale.

London-based investment agency Michael Elliott sold the building on behalf of Impax. As of March this year, 40 Spring Gardens has been fully let, with financial services business Aldermore expanding to take an additional 20,000 sq ft, taking it to a total 42,000 sq ft. Lloyds and Aon are also based in the building. Ground floor tenants include fashion retailer Hervia, hair and beauty salon House of Evelyn, and Café Beermoth.

In recent years, Aviva has proven prolific in Manchester, forward-funding offices at Two New Bailey and backing hotel projects in Charles Street and at Circle Square, both projects worth £40m-plus each. It is also heavily involved in Allied London’s Enterprise City.

All parties were contacted for comment.