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New rental benchmark set for North Bristol as companies look to accommodate continuing growth

Tuesday, 18 December 2018

New rental benchmark set for North Bristol as companies look to accommodate continuing growth

Two expanding businesses have helped set the pace for the North Bristol office market, filling the recently-refurbished 140 Aztec West at what is believed to be a new benchmark rent for business space out of the city centre.

PAI member Williams Gunter Hardwick, joint agents with JLL and acting on behalf of Sterling House Estates Limited, have let both parts of the building, a total of 11,988 sq ft, on five-year leases at £22.50 psf

Global logistics company Agility, represented by Doherty Baines, has taken the South building at 140 Aztec West, which comprises 6,006 sq ft; national housebuilder Keepmoat Homes has acquired the north building, comprising 5,982 sq ft. The building also has 62 car parking spaces.

Says Andrew Hardwick, Director of Williams Gunter Hardwick, “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.”

Says Ben Cook, Regional Managing Director at Keepmoat Homes: “As a home builder we have developments throughout the South West region, 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.”