NHS Shared Business Services Signs Up To Bristol’s Spectrum BuildingPosted on 17th July 2017
New letting follows refurbishment of prominent building as part of wider asset management plan
Affinity Global Real Estate has let a further 8,869 sq ft at the Spectrum Building in central Bristol to NHS Shared Business Services Ltd (NHSSBS), a joint venture between the Department of Health and Sopra Steria. The new ten-year lease raises the building’s occupancy rate to 78% let and Affinity is quoting £24psf on the small amount of remaining space. Affinity GRE has been increasing its focus on regional commercial assets over the past 24 months and will announce two major new initiatives before the end of this year.
Not much space remains
This deal follows on from 16,500 sq ft of lettings in 2016 announced on this site previously. The majority of the remaining space is on the newly-refurbished ground floor making it highly desirable. Just 25,409 sq ft space now remains.
Spectrum is a good example of Affinity’s asset repositioning strategy
The Spectrum Building was acquired by Affinity Global Real Estate in March 2016 and is a city centre landmark. Fronting onto Cabot Circus and Bond Street, it’s iconic exterior and excellent location make it an ideal choice for firms seeking a regional headquarter office.
Affinity has been upgrading the building on rolling refurbishment programme and a £1 million project to refurbish the was completed in May this year. Improvements included new raised floors, LED lights, air conditioning throughout and new decor. Additional work to upgrade the reception area is due to finish towards the end of this year.
Robert Whitton, Chief Executive Officer of Affinity Global Real Estate, said: “We made the acquisition of The Spectrum Building as part of our asset repositioning strategy. We focus on 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.
“The Bristol office market still remains relatively under-supplied with high-quality space. With the work undertaken at The Spectrum Building helping to plug this shortfall, we are confident of finding occupiers for the remaining vacant space in the very near future.”
Experienced advisory firm and asset managers
Affinity’s own advisory company, Affinity Global Advisers, appointed V7 Asset Management to put in place its active asset management programme to capitalise on the building’s location and potential.
Matt Leach, a partner at V7 Asset Management, added: “To secure NHS Shared Business Services as an occupier is a real positive for The Spectrum Building. We attracted the firm from nearby premises while the refurbishment works were ongoing which highlights the pent-up demand for city centre office space. Spectrum has become more than just a physical landmark. It’s somewhere that firms want to work from, want to be associated with and want to be a part of.”
V7 Asset Management advised Affinity Global Advisers and Affinity Global Real Estate with joint agents JLL and Knight Frank. Vail Williams acted on behalf of NHSSBS.