Abstract secures 132,000 sq ft Bristol prelet
Mark Glatman’s Abstract Securities has prelet the final phases of its 100 Bristol Business Park development to Babcock Integrated Technology, and sold the resulting investment to Aviva Investors.
The forward-funding agreement, signed with Aviva Investors’ Lime Property Fund, amounts to more than £55m.
The 132,000 sq ft letting is thought to represent one of the biggest lettings in Bristol’s out-of-town office market in recent years.
Mark Glatman’s Abstract Securities has prelet the final phases of its 100 Bristol Business Park development to Babcock Integrated Technology, and sold the resulting investment to Aviva Investors.
The forward-funding agreement, signed with Aviva Investors’ Lime Property Fund, amounts to more than £55m.
The 132,000 sq ft letting is thought to represent one of the biggest lettings in Bristol’s out-of-town office market in recent years.
The new campus will consolidate Babcock’s office footprint in the region, with the combined phases providing Babcock with a Grade-A office facility measuring more than 218,000 sq ft.
This comprises two buildings each of around 86,000 sq ft, a smaller office measuring about 40,000 sq ft and some 6,500 sq ft of commercial space that Babcock will sublet.
Babcock has agreed a 15-year full-repairing lease, at a commencing rent of around £2.67m per annum, subject to five-yearly rent reviews linked to CPI, collared and capped at 2% and 4% per annum.
The 7.3-acre site, speculatively acquired by Abstract in December 2016, was formerly Du Pont’s headquarters.
The deal comes after the first phase of the development, comprising 86,000 sq ft, was let to Babcock in July last year. This was also funded by Lime Property Fund.
Jon Hall, managing director for technology at Babcock, said: “The future build will enable us to enhance current ways of working and promote a creative environment where innovation can thrive.”
Kris McPhail, fund manager at Aviva Investors, said: “This transaction is expected to provide our institutional clients with long-term inflation-linked cashflows and consolidates the occupation of a strong tenant into two additional new buildings. These are exactly the type of investments we are actively targeting for the Lime Property Fund.”
Bowmer & Kirkland is the main contractor, while Keppie Design has been retained as architect.
DTRE acted on behalf of Aviva Investors, while Lambert Smith Hampton advised Babcock. Abstract dealt direct.
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