Property investment firm snaps up ‘post-modernist’ 1980s Bristol office complex
A high-profile Grade II-listed office complex on the outskirts of Bristol has been acquired for an undisclosed sum.
200 Aztec West, a gateway development on the highly sought-after Aztec West business park, is made up of four architecturally distinct buildings in the British post-modernist style offering a range of individual studios totalling 46,000 sq ft.
It was marketed for sale by Simeon Cohen at ADS RE, acting jointly with Bristol agents Hartnell Taylor Cook on the sale to Haydock, Merseyside-based real estate investment firm Seneca Property.
The property is made up of four architecturally distinct buildings which offer a range of individual studios totalling 46,000 sq ft.
While specific financial details remain confidential, the property was reported to generate more than £800,000 per annum from its diverse tenant base, with only two suites currently vacant.
This acquisition further expands Seneca Property’s footprint in the multi-let workspace sector, building on its existing portfolio of 600,000 sq ft of premium workspace serving more than 500 customers.
Seneca said the site benefitted from excellent connectivity and unrivalled access to major transport links across a 68-hectare estate, making it a prime location for businesses seeking flexible, high quality workspace.
The complex maintains strong occupancy rates, demonstrating its appeal within the Bristol market, the firm added.
Jeff Morton, CEO of Seneca Property, said: “This asset aligns perfectly with our investment strategy, focusing on acquiring high quality buildings, prominently located in major UK urban centres.
“The property offers immediate strong cash flow and significant potential for future value enhancement.”
He added: “We continue to seek further investment opportunities in key business hubs and have £25m of equity immediately available to deploy.”
Chris Bullough, Seneca Property MD, added: “200 Aztec West is perfectly suited to our proven, successful business model, providing high quality workspaces and exceptional service to our tenants.
“The property has demonstrated consistent high occupancy over a long period of time and we are excited to build on this as we implement our business plan, centred on proactive management and strategic capital investment.”
Aztec West, is regarded as the West of England area’s premier out-of-town business park with more than 100 occupiers. Its name is based on the phrase ‘A to Z technology’.
200 Aztec West was designed by celebrated British post-modernist architecture practice Campbell Zogolovitch Wilkinson and Gough (CZWG) and built between 1987 and 1988.
It was Grade II-listed by Historic England in 2018 as a good example of a commercial development in the post-modern style, “combining bold geometries, polychromy and traditional materials to dynamic effect”.
Seneca Property was advised by Bristol-headquartered national law firm TLT on due diligence matters.
