A landmark office property at Aztec West, Bristol, is to receive a £5.7m speculative refurbishment from its owners, Regional REIT Limited, represented by their asset manager, London and Scottish Property Asset Management.
Work is now starting on site at 800 Park Avenue, Aztec West, which occupies a prominent position in the centre of the north Bristol business park. The refurbishment will bring the 70,000 sq ft building to Grade A standard, featuring some of the largest footplates in the south west.
Formerly occupied by EE, 800 Park Avenue was originally constructed in the 1980s and will now be completely stripped out, and subject to a comprehensive refurbishment including new glazing to maximise natural light, new air conditioning, and a completely remodelled ground floor reception and entrance area.
Richard Kidd, Director of Office Agency at property adviser GVA, who is acting on behalf of Regional REIT jointly with HTC, says, “The commitment by Regional REIT/London and Scottish to invest speculatively will bring a much needed supply of high quality office space into the north Bristol market which hasn’t seen any speculative development for almost 10 years.
“The 30,000 sq ft floor plates are unique in the out-of-town business park market and will appeal to large corporate occupiers looking for a HQ, but we are also able to subdivide floors to cater for requirements from 7,500 sq ft upwards.
Chris Grazier of HTC added, “With an imbalance of supply and demand increasingly evident in Bristol city centre, occupiers who are looking for large floorplates at rents significantly discounted to the city centre will be attracted to this building. We have already had a number of enquiries for this property demonstrating the strong and the continued demand for high quality space on well located business parks such as Aztec West.”
The property will be marketed by GVA and HTC at a quoting rent of £21.50 psf.