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News Release

Bristol

Final floor in 740 Aztec West in Bristol let to Northgate Arinso 

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 JLL.

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 pond. 

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.