Rush of deals at landmark Spectrum office building reflects strong city centre market

September 23, 2016
By

Landmark Bristol city centre office scheme The Spectrum Building is now 70% let following a number of recent deals.

The building’s owners London-based Affinity Global, advised by V7 Asset Management, also based in London, has completed a total of 16,500 sq ft of lettings.

Software and outsourcing specialist Civica Group, which already occupied 14,300 sq ft, has taken a further 8,700 sq ft and now occupies the entire first floor. 

The letting, which was one of the largest in Bristol city centre during the second quarter, highlights Civica’s commitment to building

In addition, Kings Court Trust has signed for 6,500 sq ft on the third floor. The estate administration firm is moving from Bath and has taken the space on a new five-year lease.

Finally, chartered surveyors CS2 has taken 1,300 sq ft on the building’s fourth floor on a new lease expiring in 2026.

The latest lettings mean that just 34,000sq ft remain available to let at The Spectrum Building, which faces Cabot Circus and Bond Street.

The landmark was acquired by Affinity Global in March 2016 as part of a corporate acquisition, with V7 Asset Management subsequently appointed in April.

Affinity Global executive chairman Robert Whitton said: “The acquisition of The Spectrum Building, as part of a wider portfolio, was done in the knowledge of Bristol’s position not only as one of the UK’s fastest-growing cities, but as a market that offers property investment opportunities that rival the rest of the portfolio in London.

“We like to work with best-in-class strategic partners to deliver our business plans, and with V7’s team we hope to see further take-up 2017, growth in rental values being achieved and improved returns for our investors.”

As part of the asset management plan for the building, the vacant 23,500 sq ft ground floor is being refurbished to bring it up to date, with the a possible relocation of the reception as part of efforts to maximise the building’s usable space.

V7 Asset Management partner Matt Leach said: “These latest lettings, some of the highest-profile deals in Bristol during the period, highlight both the ongoing demand for quality office space in the city and the success of the asset management plan we have put in place, which is starting to pay dividends.

“The Spectrum Building is one of Bristol’s best-known office buildings and its superb position, combined with the improvements being put in place by the refurbishment programme, makes it an ever-popular location for both local and national businesses looking to secure a city centre presence.”

V7 Asset Management and joint agents JLL and Knight Frank advised Affinity. Ian Culverhouse & Co acted on behalf of Civica, JLL represented King’s Court and CS2 was advised by Williams Gunter Hardwick.

 

 

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