Westward House and Nicholson House, in Stoke Gifford, Bristol, have been assigned to the Higher Education Funding Council for England, in the largest office letting in the Bristol out-of-town market this year. The deal was negotiated by the Bristol office of GVA, the UK’s leading independent property consultant, who advised the existing leaseholder, The Audit Commission.
The two-storey office park buildings, situated close to Parkway Station, offer a total of 36,184 sq ft. HEFCE, which is currently based on the UWE Campus at Coldharbour Lane, Bristol, will be occupying the ground floor of Nicholson House and the whole of Westward House totalling 28,517 sq ft. The first floor of Nicholson House is sublet.
Ben O’Connor, Associate in GVA’s Office Agency and Development team, who represented The Audit Commission in the transaction, commented: “Activity in the Bristol out-of-town market during the first quarter of 2014 was better than expected with over 100,000 sq ft of transactions recorded. Up until now the largest deal had been approximately 25,000 sq ft and so this new transaction will be a boost to take-up and also help reduce supply.
“Furthermore, take-up on the South West’s business parks is currently 50% up on the five-year average and the l ack of Grade A space in Bristol out-of- town market means that well specified second-hand space like Westward House and Nicholson House is being snapped up.
“As well as offering extremely flexible office space, these properties have particular appeal due to their generous parking provision and proximity to Parkway Station and the motorway network. The deal is also significant as it involves a transfer of property between public sector bodies helping to reduce the burden on the public purse and provide a long term use for the buildings.”
The passing rent for both buildings equates to approximately £15.25 psf.
