Client
Regional Reit
Location
800 Aztec West, Bristol
Action
Client, Regional Reit, acquired the building fully vacant in January 2016 as part of a portfolio. The accommodation totalled 71,650 sq ft office over ground and two upper floors with 330 parking spaces at Aztec West, the premier out of town business park to the north west of Bristol City Centre.
The client’s business plan was to settle dilapidations with the former tenant and carry out a refurbishment for re-letting. The building was very dated in design and layout so advice was provided in the early stages of planning to alter and adapt the building to better respond to the market.
The works completed in 2018 providing a completely remodelled layout resulting in a revised external approach, new reception frontage and foyer, opening up of floor plates, creation of a roof terrace, replacement of all cladding, glazing and M & E resulting in EPC improvement from E to B energy rating. The redesign resulted in an increase of lettable floor space to 73,292 sq ft.
We advised on the preparation of material to support the marketing both pre and post completion which led to the conclusion of a successful letting campaign with the First floor (31,670 sq ft) let to Edvance (EDF) who took 10-year lease from August 2018 at a gross rental income of £21.50 per sq ft. The Secretary of State for Defence took a 10-year lease of the Ground Floor (32,007 sq ft) from December 2018 and record headline rents of £23.00 per sq ft were achieved with the final letting of a further 9,736 sq ft on second floor to Edvance (EDF) on coterminous terms in 2019.
