Fortix Capital – the joint venture between Watson’s Property and SecureHome Group – has acquired 715 Aztec West, a fully-let freehold office building in Bristol, in a £2.625 million deal.
The acquisition – which represents a 12.4% net initial yield – is Fortix Capital’s third and follows the purchases of residential development Brindley House and the Aqua office building in Birmingham’s Jewellery Quarter.
The latest deal takes the new business another step closer to completing the five acquisitions it targeted at its launch earlier this year.
The detached two-storey office building extends to 17,587 sq ft and occupies a prominent position at Aztec West, one of the South West’s largest and most established business parks. The estate sits around half a mile from Junction 16 of the M5 and close to the M4/M5 interchange, with occupiers including EDF, Virgin Media, National Highways and Allianz. The property was comprehensively refurbished in both 2014 and 2023.
The asset is fully let to three tenants. Miller Homes recently committed to a new 10-year lease on the first floor, while Bristol-based defence and security business Antillion occupies the link building on a newly agreed reversionary lease. Imagination Technologies occupies the ground floor, providing diversified income underpinned by long-term covenant strength.
Fortix Capital said the acquisition reflects its strategy of targeting well-located assets with secure income and asset management potential.
Alex Watson, founding partner at Fortix Capital, said: “715 Aztec West combines strong occupational fundamentals with secure income in one of the South West’s leading business park locations. Miller Homes’ recent 10-year lease commitment reinforces the quality of the income, while rents remain below current market levels, providing a clear opportunity to grow income through active asset management. It is exactly the type of investment we set out to acquire.”
James Ackrill, founding partner at Fortix Capital, said: “This is a high-quality building with diversified income from three strong occupiers and the benefit of recent refurbishment. It demonstrates our strategy of acquiring well-let assets where active management can create long-term value.”
Fortix Capital invests across residential, commercial and industrial property throughout the UK, with a particular focus on counter-cyclical opportunities and complex transactions, including acquisitions involving administrators and receivers. The firm said it continues to assess further opportunities across multiple sectors.
Fortix Capital was advised by Andrew Price of AP Chartered Surveyors and Victoria Camfield of Gunner Cooke. The vendor was advised by Ian Lambert and James Frost of Hartnell Taylor Cook, together with Richard Howell and Kiran Naidoo of CBRE.
