Refurb helps North Bristol office market rebound with record rent

November 30, 2018
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Two expanding businesses have helped set the pace for the North Bristol office market, filling a recently-refurbished building and setting what is believed to be a new record rent for business space out of the city centre.

Global logistics company Agility has taken the 6,000 sq ft South building at 140 Aztec West, while national housebuilder Keepmoat Homes has acquired the 5,982 sq ft North building.

Bristol property agency Williams Gunter Hardwick, acting jointly with JLL on behalf of the building’s owner Sterling House Estates, let both sections of the building, pictured, on five-year leases at £22.50 per sq ft.

Williams Gunter Hardwick director Andrew Hardwick said: “The speed at which the space was let, the interest that was shown from a wide range of potential occupiers and the fact that a new rent benchmark has been set for this part of the city, reflects the quality of the refurbishment and the excellent location.

“But it’s also good news for North Bristol as rents here have slipped a long way behind the city centre over the last few years, discouraging investment. Achieving £22.50 is a more than realistic level for quality space – and still over £10psf behind comparable space in Bristol centre.

“This should act as a stimulus to other landlords with property locally that could benefit from refurbishment.”

Keepmoat Homes regional managing director Ben Cook added: “As a homebuilder we have developments throughout the South West region, and as such when we were looking for an office we knew it needed to have good access to the strategic road network.

“This is certainly the case with 140 Aztec West, with the office located at the M4/M5 interchange. In addition to this the office offered us a quality environment from which we can grow our development portfolio across the South West with the aim of delivering 400 much-needed new homes for the region over the next five years.”

The building has 62 car parking spaces.

 

 

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