AEW UK Core Property Fund has announced the acquisition of four adjacent mixed-use assets located at the heart of Bristol’s bustling city centre. The adjoining assets, alongside two properties previously acquired by AEW Core, all form part of a site assembly strategy implemented over the past year. Collectively, the assets provide the opportunity for a significant longer-term redevelopment and repurposing of a prime location in the heart of Bristol city centre.
44-46 The Horsefair is situated in the heart of Bristol’s central shopping area in a prominent position on a busy high street. The 6,664 sq. ft. site is fully let and has a WAULT of 2.5 years.
AEW Core has also acquired 42 The Horsefair, a neighbouring retail asset let to Burger King and has a WAULT of 7.1 years. 48 The Horsefair, another neighbouring asset, covers 3,250 sq. ft. and is currently let to a Starbucks franchisee and has a WAULT of 4.3 years.
Also adjacent is 51-53 Merchant Street, is a 4,225 sq. ft. retail asset that was recently refurbished in 2018 and is fully let to popular Danish retail furniture chain BoConcept.
The four assets are also adjoining two properties previously acquired by AEW, 56-64 Broadmead & 41-45 Merchant Square and Soho Studios, 47-49 Merchant Street. Together they make up a large site that offers the potential for significant redevelopment opportunities for AEW over the long-term.
Bristol city centre is currently undergoing major regeneration; the six sites AEW has acquired reflect the significant development potential of Bristol city centre, with the surrounding area experiencing considerable transformation and a number of notable developments and conversion projects underway.
Commenting on the acquisitions, Michael Shears, AEW UK Core Property Fund said, “We are delighted to announce four additional investments in Bristol city centre to build on AEW Core’s previous deals announced in March. Over the course of the past twelve months, we have acquired the six properties as part of a site assembly strategy to secure a large site in a prime high street location. This offers the opportunity to benefit from the major regeneration currently underway within Bristol’s city centre and to maximise returns to investors through diligent asset management and development.”
Richard Bashford, Fawcett Mead, the agent acting for AEW said, “We think the Broadmead shopping area is going to see significant changes in the next decade, with a high proportion of the existing retail buildings redeveloped into offices, residential or other alternative uses. This will create a mixed use environment that is so importantly needed to help make this part of Bristol City Centre more sustainable and thrive as a place to shop, visit, live, work or study. The properties recently acquired by AEW are ideally suited for redevelopment and offer exciting opportunities to be part of this transformation.”