The Bristol office of property adviser, DTZ together with joint agent Russell Property Consultants has assisted Aberdeen Asset Management in achieving full occupancy at Eldonwall Trading Estate in Bristol.
The multi-let estate provides well located 1960’s warehouse / industrial units in the St Philips area of the city and a number of good quality tenants have been secured.
DTZ and Russell Property Consultants were instructed when approximately 50% of the estate was vacant. Following advice from the agents, Aberdeen Asset Management undertook a rolling refurbishment programme by committing to significant expenditure on the majority of the vacant units, including additional units that became available during the period. As a result of the refurbishment, lettings were secured on all of the vacant stock.
DTZ negotiated a deal with Rentokil which involved the company taking additional space and re-gearing their existing lease and Euro Car Parts taking occupation of a prominent detached unit at the main frontage onto Whitby Road. Other lettings included those to United Refrigeration, English County Contracts, Fire Suppression / Bisson Limited, and the most recent and final letting to Mill Auto Supplies, which completed in October 2013.
Phil Cranstone, Senior Surveyor at DTZ in Bristol, commented: “Eldonwall Trading Estate has always been a popular estate but the decision by Aberdeen Asset Management to undertake a rolling refurbishment programme has paid off and helped to attract a range of occupiers seeking well located industrial and trade counter accommodation in the city.”
Lisa Pollock, Associate Director at Aberdeen Asset Management added: “Achieving full occupancy of Eldonwall Trading Estate is reflective of the hard work DTZ and Russell Property Consultants have put into the estate over the years.”
Rob Russell of Russell Property Consultants who has been an agent on the estate for over 10 years, added: “It is testament to Aberdeen Asset Management and their flexible approach, adapting lease terms to occupier’s requirements, and offering different levels of refurbishment that has led to full occupancy despite the market being difficult.”