600 & 650 Aztec West, Bristol. Kevin White AND Matt Moran.

Investment Acquisition of 600 & 650 Aztec West, Bristol

Advised Sedgemoor District Council on the acquisition of the freehold interest of this office investment from Columbia Threadneedle for £7,400,000 in February 2020, reflecting £295 psf, 6.4% NIY, and 7.25% NRY.

• Buildings 600 & 650 comprise 2 self-contained office buildings totalling 25,037 sq ft (NIA) on Aztec West, Bristol’s premier Business Park.
• Located 0.5 miles from Junction 16 of the M5 Motorway and within 1 mile of the M4/M5 interchange.
• Freehold
• The buildings are respectively single-let to the strong covenants of Elbit Systems UK Limited and Co-Operative Legal Services Ltd.
• Average weighted unexpired lease term of 9.25 years to expiry and 7.16 years to break.
• Income of £504,042 per annum, reflecting £20.13 psf overall.
• 138 car parking spaces providing an excellent ratio of 1:181 per sq ft
• Building 600 had recently benefited from significant capital expenditure, including a complete extension and remodelling of the front entrance and elevation to provide a double height glazed reception, as well as a full refurbishment of the office space internally.
• Acquired for a retained Montagu Evans client, Sedgemoor District Council, in a collaboration between the Business Space Investment and Development Consultancy teams.