Affinity Acquires Landmark Asset in Bristol City CentrePosted on 6th March 2016
£30m Deal to Upgrade and Reposition City Centre Commercial Asset.
Affinity Global Real Estate, the land and urban regeneration and development specialist, has acquired the Spectrum Building opposite Cabot Circus in Bristol’s city centre. With approximately 114,000 square feet of office space, but occupancy at just 50 per cent, the property presents a perfect candidate for Affinity Global Real Estate’s asset repositioning strategy. The company intends to implement a rolling refurbishment programme, to upgrade the building, providing much needed Grade B office space in the heart of the city.
Supported and advised by its own advisory specialist, Affinity Global Advisers, Affinity’s asset repositioning programme is targeting a gross development value of just over £30m in early 2018.
Robert Whitton, Executive Chairman of Affinity, said: “We’ve got a great track record in repositioning commercial property assets and this landmark site is an ideal acquisition for Affinity. As we roll out our business plan through to 2018, we’ll be focusing our efforts on three main strategies which both exploit our expertise and suit our analysis of the marketplace.
“Asset repositioning in outer London and the UK’s main office markets is our lead commercial property strategy so we’re delighted to have landed such a landmark asset in a thriving market like Bristol.”
Built in 1986, the Spectrum Building is a high-quality, glass clad, five-storey office building providing a total of approximately 114,346 sq ft net internal accommodation over lower ground to fourth floors with secure basement car parking (81 spaces at a ratio of 1: 1,410 sq ft). The property is held on a long leasehold for 125 years from 25th December 1986 from Bristol City Council.
The building is served by two cores leading off reception and double height entrance atrium and has large flexible floorplates of approximately 23,000 sq ft configured as five separate suites. These can be combined to allow occupation of a whole floor or as individual self-contained suites in each wing.
Outside London, the West of England has the largest proportion of highly qualified workers in the UK. Bristol is the economic hub of the South West region with excellent labour availability, education resources and connectivity. Bristol’s resident population is approximately 550,000, but its catchment population approaches one million.
The city has developed a strong service sector and has become one of the largest employment bases for banking, finance and insurance sectors outside London and is a popular relocation destination.
For additional information, please contact:
Dominic Hawes: 020 7718 5574
Note to editors
Founded in 2012 by Robert Whitton, a proven real-estate business leader, Affinity GRE operates across the real estate development value chain, applying tried and tested value-adding strategies in London and the UK’s other metropolitan centres. Affinity GRE also operates in selected European urban centres through its Global Developments subsidiary, targeting areas where demographic pressure demands both impact investing and the specific expertise Affinity can bring to bear.