Affinity Commercial Secures 70% Occupancy at Landmark Bristol SitePosted on 12th September 2016
Affinity Global Real Estate has completed 16,500 sq ft of lettings at The Spectrum Building in central Bristol bringing the scheme to 70 per cent let. Supported by asset management partner, V7 Asset Management and advised by its own advisory specialist, Affinity Global Advisers, Affinity is mid-way through an asset repositioning programme targeting a gross development value of just over £30m.
- Software and outsourcing specialist, Civica Group has taken a further 8,700 sq ft and now occupies the entire first floor of the property. The letting was one of the largest in Bristol city centre during the second quarter
- Estate administrators, Kings Court Trust, has signed a five-year lease for 6,500 sq ft on the third floor in a move to Bristol from Bath
- Chartered surveyors, CS2 has taken 1,300 sq ft of space 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 fronts onto Cabot Circus and Bond Street in Bristol. The city centre landmark was acquired by Affinity Global Real Estate in March 2016.
Robert Whitton, CEO of Affinity Global Real Estate, said: “We made the acquisition of The Spectrum Building as part of our ‘Asset Repositioning’ strategy which specifically targets the UK’s most in-demand, but under-served office markets. Bristol is one such city. Not only is it one of the UK’s fastest-growing cities, but as a market, it offers property investment opportunities that can rival anything in Greater London.”
As part of the asset management plan for the scheme, the currently vacant ground floor, comprising 23,500 sq ft, is undergoing a refurbishment to bring it up to date, with repositioning of reception also being investigated as part of efforts to maximise the building’s usable space.
Matt Leach, a partner at V7 Asset Management, added: “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.”
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.