Leading commercial property consultancy, Hartnell Taylor Cook has announced the completion of over £5m worth of acquisitions in the last quarter for privately owned property company, Maybrook Properties Ltd.
Acquiring both 720 Aztec West in Bristol, and a large industrial terrace in Bridgwater, the latest acquisitions mark Maybrook Properties long-term plans for diversification, following the sale of a £20m office in central Bath – one of the company’s largest assets. The news also follows a bustling summer for the South West property market, with take up in the South West and Wales logistics market at 3.49 million sq. ft so far this year, a 240% year-on-year increase.
A former office building, 720 Aztec West in Bristol, is an 8,333 sq. ft property, which was acquired by Maybrook for £2.52m from Circle Properties Plc. The building has been let on a 10-year new lease to Specsavers Optical Superstores Ltd, who have comprehensively refurbished the space as an opticians and treatment centre.
Furthering its investment in the region, Maybrook Properties also acquired a 33,357 sq. ft industrial terrace in Wylds Road, Bridgwater from a private individual. Let to commercial design interior company, James Tobias Ltd, until May 2024, the three units were bought for £3.05m and present an excellent opportunity to either regear the lease with the tenant or refurbish the terrace and let to trade counter operators.
Hartnell Taylor Cook acted on behalf of Maybrook Properties Ltd, and Knight Frank acted on behalf of both vendors for these acquisitions.
Commenting on the news, Ian Lambert, Investment Partner at Hartnell Taylor Cook, said:
“The commercial market in the South West is currently very competitive, so we are delighted to have assisted Maybrook Properties with these two acquisitions, which further diversifies their property portfolio and consolidate their presence in the regional market.”
Gareth Hunt, Managing Director at Maybrook Properties Ltd also commented:
“We are very excited about these two recent acquisitions, which add to our existing holdings in the west country and are set to provide excellent opportunities for us to drive rental value through asset management initiatives.”