Affinity Global, advised by V7 Asset Management, has completed 16,500 sq ft of lettings at The Spectrum Building in central Bristol, bringing the scheme to 70 % let.
Software and outsourcing specialist Civica Group, which already occupied 14,300 sq ft, has taken a further 8,700 sq ft and now occupies the entire first floor of the property. The letting, which was one of the largest in Bristol city centre during the second quarter, highlights Civica’s commitment to building
In addition, Kings Court Trust has signed for 6,500 sq ft on the third floor of The Spectrum Building; the estate administration firm is moving from Bath and has taken the space on a new 5-year lease. Finally, chartered surveyors CS2 has taken 1,300 sq ft of space on the building’s fourth floor on a new lease expiring in 2026.
The latest lettings mean that just 34,000sq ft remain available to let at The Spectrum Building, which fronts onto Cabot Circus and Bond Street in Bristol. The city centre landmark was acquired by Affinity Global in March 2016 as part of a corporate acquisition, with V7 Asset Management subsequently appointed in April.
Robert Whitton, executive chairman of Affinity Global, said: “The acquisition of The Spectrum Building, as part of a wider portfolio, was done in the knowledge of Bristol’s position not only as one of the UK’s fastest-growing cities, but as a market that offers property investment opportunities that rival the rest of the portfolio in London.
“We like to work with best-in-class strategic partners to deliver our business plans, and with V7’s team we hope to see further take-up 2017, growth in rental values being achieved and improved returns for our investors.”
As part of the asset management plan for the scheme, the currently vacant ground floor, comprising 23,500 sq ft, is undergoing a refurbishment to bring it up to date, with repositioning of reception also being investigated as part of efforts to maximise the building’s usable space.
Matt Leach, a partner at V7 Asset Management, said: “These latest lettings, some of the highest-profile deals in Bristol during the period, highlight both the ongoing demand for quality office space in the city, and the success of the asset management plan we have put in place, which is starting to pay dividends.
“The Spectrum Building is one of Bristol’s best-known office buildings and its superb position, combined with the improvements being put in place by the refurbishment programme, makes it an ever-popular location for both local and national businesses looking to secure a city centre presence.”
V7 Asset Management together with joint agents Jones Lang La Salle and Knight Frank advised Affinity. Ian Culverhouse & Co acted on behalf of Civica, Jones Lang La Salle represented King’s Court and CS2 was advised by Williams Gunter Hardwick.