Legal & General Property (LGP) has let the final space at 740 Aztec West. The letting, to Northgate Arinso UK, comes after a multi-million pound energy saving upgrade of the Bristol business complex.
Brokered by Jones Lang LaSalle (JLL), the signing by the global human resources strategy company follows the 38,000 sq ft pre-letting of the lower floors to Alcatel Lucent, an IP networking, ultra-broadband access and cloud technology specialist.
The latest letting means the 740 Aztec West site — which covers three floors and 50,000 sq ft — is now fully let. Northgate Arinso, which has previously occupied space at building 730 on the other side of Aztec West Business Park, has agreed to the equivalent of £21 per sq ft on a 10 year lease. Its 12,800 sq ft offices are currently being fitted out.
LGP recently spent £5m on a 30-week refurbishment of the building, making it the first refurbished business park office in Bristol to achieve an EPC rating of A, the highest possible energy efficiency rating achievable in commercial buildings.
Energy saving measures include solar protection, natural passive ventilation, upgraded glazing, roof and wall insulation, heat recovery systems and the installation of photovoltaic panels on the roof, which will contribute to an estimated 25 per cent reduction in electricity costs. JLL and Knight Frank are joint letting agents for 740 Aztec West.
“The fact that 740 is fully let so soon after completion is a testament to the fantastic quality of the building,” commented Hannah Waterhouse, an associate director at JLL in Bristol. “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 LGP will reap the rewards of investing to this extent in a business park location.”
Matt Jarvis, a fund manager of Legal & General UK Property Fund, added his company was proud to have refurbished the first EPC A-rated building in Bristol. “At LGP 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,” he said.
“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.”
