Aviva takes on major role in redevelopment of Anglia Square

The authority has confirmed its investment partnership with the insurance firm to lead works on the site, where it hopes to build 1,100 new homes.

The cost of acquiring and clearing the site has been covered by a £34m government grant handed to City Hall and the new partnership is expected to help support the next stage of development. 

Mike Stonard, leader of the council, hailed the deal as a "monumental moment" in the history of the city. 

The £350m revamp of the site is expected to be funded by housing developers and other investors, including Aviva, although the company has not confirmed how much it intends to put in. 

These decisions on investment will be made by the partnership, giving Aviva significant steering power over the project. 

Empty shops at Anglia Square (Image: Denise Bradley) Norwich City Council paid £5.6m to buy the complex so it can be revamped as part of a major regeneration project with new housing, offices, shops and leisure space.

Traders have already been moved out of Anglia Square and moved into new homes ahead of demolition beginning this week. 

During a cabinet meeting last week, it was agreed the council would enter into a joint venture agreement as part of the project.

Empty shops at Anglia Square (Image: Denise Bradley) The deal has been signed with Aviva Capital Partners, which invests in development projects across the UK that can generate income for its customers over long periods of time. 

It invests in the early stages of projects, creating options for ongoing investment by the wider business.

Aviva, formerly known as Norwich Union, is the UK's largest insurer and employs thousands of people in the city.

Ben Luckett, chairman of Aviva Capital Partners, said: "Aviva is proud to be making such a major investment in Norwich, a city which has been our home for over 200 years.

"This vital regeneration project will bring significant economic and social benefits, helping Norwich get ready for the future. By working with Norwich City Council and Homes England, this will be a development the city can be proud of."

Carli Harper, cabinet member for finance and major projects at City Hall, said the partnership was a "massive vote of confidence" in Norwich.