Rapid office deal signals improving commercial property market, say agents

April 30, 2012

A two-storey office building in North Bristol has been let within five weeks of becoming vacant – an unusually fast turnaround and a positive sign of the improving health of the commercial market in Bristol, according to agents Jones Lang LaSalle.

They secured the letting with chartered tax advisers Edge Tax Consultancy for the 2,995 sq ft building at the Vantage Office Park. The office, which has 11 parking spaces, was let on a 10-year lease with an option to buy.

Jones Lang LaSalle acted as joint agents with Hartnell Taylor Cook on behalf of landlord Somerset-based Summerfield Developments.  

The deal confirms the general trend in Bristol, where there is a healthy commercial market despite difficult economic circumstances. 

Figures from across the market show take up of commercial office space in Bristol was higher than anticipated for the first quarter of 2012. Out-of-town space has performed particularly well, with 107,000 sq ft sold or let during the period – a figture 25% higher than the five-year quarterly average.

Summerfield Developments’ Ben Trickey said: “The new tenancy means that all our units at Vantage Office Park are occupied, demonstrating that well designed office space in North Bristol is still in demand. Summerfield undertook strip out, re-carpeting and redecoration works within a short window of time to get the offices let.”

Jones Lang LaSalle’s Bristol office agency team director Ian Wills added: “Such a quick turnaround is fantastic news. The location and flexible office space on offer at Vantage Office Park has proved very popular with local businesses.”

Vantage Office Park, on Old Gloucester Road near its junction with Winterbourne Road, was built in 1995 and has easy access to central Bristol, the M32, M5 and Bristol Parkway station. The offices were refurbished to a high standard to the client’s specifications with partitions removed to create an open plan space.

Anton Lane, owner and managing director of Edge Tax Consultancy, which advises wealthy individuals and families, entrepreneurs, property investors, employers, and owner-managed businesses, said: “Although we were already local, the spacious and bright offices at Vantage Office Park were a natural progression for Edge.

“We have rapidly grown over the last few years, are continuing to do so and have been searching for larger offices some time. The facilities and access are excellent in the area and we were naturally delighted when these offices came onto the market.”  



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