715 Aztec West, Bristol

Full Description

The property comprises an early 1990’s, modern two storey office building of steel portal frame construction, arranged under a pitched, tiled roof. There is a further self-contained one-storey link building, arranged as an open plan office.
The property was extensively refurbished in 2014, which included replacement of all mechanical and electrical services. A further refurbishment took place in 2023 to the 1st floor and all communal areas of the main office building.
Externally the property benefits from a generous parking provision for 79 cars, equating to an excellent parking ratio of 1:223 sq ft. The property has a site area of 1.05 acres.

Location
The property is located in Aztec West, Bristol’s premier business park. Covering an expansive 152 acres, it is the most established out-of town office location in the South West, making it a top choice for businesses. The park can be easily accessed off the A38, approximately 5 minutes to Junction 16 of the M5, and Bristol City Centre is approximately 8 miles to the south.
The park continues to attract and retain major occupiers, including Virgin Media, Edvance, National Highways, Rheinmetall, Kuehne + Nagel and Allianz, as well as numerous house builders including Barratt Homes, Bellway and David Wilson.
Bristol enjoys excellent transport links, with two mainline railway stations, excellent road connectivity and a major airport offering flights to over 100 destinations.

Tenancy
The property is multi-let to three tenants. Imagination Technologies Ltd have a lease of the ground floor of building 715 with four years remaining to expiry at a passing rent of £18.51 per sq ft. This tenant is not currently in occupation. Miller Homes Limited have recently taken a new 10-year lease on the first floor of building 715 at a passing rent of £20.33 per sq ft. Antillion Ltd have a lease of The Link building from 09/11/2016 to 08/11/2026. Terms have been agreed and solicitors are instructed on a reversionary lease for a term of five years at a passing rent of £20.90 per sq ft. The property provides an AWULT to expiry of 6.8 years and an AWULT to breaks of 4.7 years.

Features

• Located on Bristol’s premier business park, just 0.5 miles from Junction 16 of the M5 and within 1 mile of the M4/M5 interchange
• Comprises a 17,587 sq ft detached office building, arranged over ground and first floors and a link building, refurbished in 2014 and 2023
• Parking provision for 79 cars, providing an excellent ratio of 1:223
• Freehold
• Fully let to three tenants including Antillion Ltd, Imagination Technologies Ltd and Miller Homes Ltd with Attractive WAULT of 6.8 years to expiry, 4.7 years to break
• Total passing rent of £345,991 per annum, reflecting a low passing rent of £19.67 per sq ft
• Opportunity to surrender Imagination Technologies Ltd lease and re-let at higher rent
• We are instructed to seek offers in excess of £3,000,000 (three million pounds), subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 10.83% (assuming purchaser’s costs of 6.45%) and a low capital value of £171 per sq ft.

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