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Letting follows a £5m comprehensive refurbishment
BRISTOL, October 21, 2015 – Legal & General
Property (LGP) has let the final floor in 740 Aztec West to leading HR strategy
company, Northgate Arinso UK Ltd, in a deal brokered by property consultants
The letting follows a £5m comprehensive refurbishment
and pre-letting of the lower floors to Alcatel Lucent – an IP networking,
ultra-broadband access and cloud technology specialist.
Northgate Arinso is paying a rent equating to £21 per sq
ft on a 10 year lease.
LGP has completed a £5m, 30-week refurbishment of the
building. It is the first refurbished business park office in Bristol to
achieve an EPC rating of A, which is the highest possible energy efficiency
rating achievable in commercial buildings.
Energy saving measures included solar protection,
natural passive ventilation, upgraded glazing, roof and wall insulation, heat
recovery systems and photo voltaic panels to the roof, which will contribute to
an estimated 25 per cent reduction in electricity costs. JLL and Knight Frank
are joint letting agents for the building.
The latest letting means the site is now fully let, with
Northgate Arinso joining existing businesses Alcatel Lucent who pre-let 38,000
sq ft on the ground and first floors in the spring.
Northgate Arinso are no strangers to the Aztec West
Business Park, having moved from building 730 based on the other side of the
The space is currently being fitted out and Northgate
Arinso will open its new 12,800 sq ft office for business shortly.
Hannah Waterhouse, Associate Director at JLL in Bristol,
said: “The fact that 740 is fully let so soon after completion
is a testament to the fantastic quality of the building. It is positive
news for the out of town market where we are finally seeing good levels of
rental growth. It also highlights that demand for high quality energy
efficient space remains strong against a backdrop of short supply. Space of
this quality is more often found in city centre offices and L&G will reap
the rewards of investing to this extent in a business park location.”
Matt Jarvis, fund manager of the Legal & General UK
Property Fund, commented: “We are proud to have refurbished the first EPC A-rated
building in Bristol. At L&G we don’t just look at how we can deliver
sustainability in new developments, but also how we can improve our existing
stock to respond to future occupier requirements. The fact we have let
the final space in 740 Aztec West within a few months of completion is a strong
endorsement to the quality of the refurbishment and the rising value that
forward thinking occupiers place on energy efficiency.”
Alder King acted for Northgate and JLL and Knight Frank
acted for LGP.
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