Funds advised by Commercial Estates Group (CEG) have purchased a significant freehold interest in Bristol’s prime out-of-town business location. The purchase price of £8,370,000 for 1000 Aztec West reflects a net initial yield of 9.35% (c £210 per sq ft).
1000 Aztec West comprises a 39,000 sq ft two storey office building constructed in the 1980s with a prime position on Park Avenue, benefitting from views across an ornamental lake. The property is let to ST Microelectronics (Research and Development) Ltd until November 2021 at a rent of £828,253 per annum, although the tenant is no longer in occupation.
CEG was represented by Cushman and Wakefield’s Bristol investment agency team while Whitmarsh Holt Young (WHY) advised CIT on the sale.
Hollie Ruddle, Associate Director in Cushman and Wakefield’s Investment agency team, said: “1000 Aztec West provides CEG with an excellent opportunity to own a prominent office building on Bristol’s premier business park.
“The building provides flexible accommodation for single or multiple occupancy, with potential for subdivision on a floor by floor or wing by wing basis in the future.”