The purchase of 13-15 King Street in Bristol marks a new direction for established asset managers, V7. Since it was founded in 2015 the company has implemented expert asset, development and investment management for some the UK’s most cutting-edge clients and developments, driven by a value-add ethos. The acquisition of this 13,000 sq ft mixed-use building represents a new vision for the business, as it sets out to acquire its own portfolio in key regional cities.
Located at the centre of Bristol’s bustling food and beverage scene and opposite the newly re-opened Bristol Old Vic, 13-15 King Street is a prime mixed-use former warehouse fully let as an office with two independent leisure tenants. V7’s intention is to roll out a two-year business plan drawing on its experience in repositioning buildings for investor clients, to ensure the building is an attractive product fitting the city’s workplace culture and thriving after-work scene.
The team has plans to acquire several other small assets – with sizes of around three million – across regional cities identified as having strong investment potential. V7 will purchase developments which are value-add opportunities, with a particular focus on converting secondary retail into sought-after creative office space. V7 will fill out redundant retail spaces with mixed-use office and leisure in a market that is turbulent for bricks and mortar retailing.
The company currently manages a total of 16 assets in London and the regions, with a total of 98 tenants over 1.9m sq ft of space. V7 will continue to work with innovative investors such as Nuveen Real Estate, CBRE Global Investors and Mayfair Capital, as it grows its own portfolio.
Chris Hunt, Co-founder of V7, said:
“As an asset manager, V7 has established itself as a specialist in the workspace real estate market, with a reputation for using innovation and creative thinking to drive value into projects on behalf of our clients. This first acquisition is a natural progression for us. The building has great potential – an attractive Victorian Warehouse in a prime location in a burgeoning city. We will be seeking out other investment opportunities with similar attributes and potential.”
Zak Veasey, Co-founder at V7, said:
“The demise of retail in town centres has been a problem facing landlords in key regional cities during the latter part of the last decade. Our objective is to spearhead the conversion of vacant retail spaces into appealing mixed-use office and leisure hubs, maintaining the animated buzz of life in prime developments. This first project will lay the foundations for a portfolio we plan to expand upon across regional cities and continues the quality work we’ve already done in Bristol through our asset management for our clients.”
The property was purchased off-market from Fabrix Capital. JLL acted as agents on behalf of Fabrix Capital and V7 dealt directly.