Bristol’s Aztec West development sold for £5.6 million
Hemel Hempstead, 20 June 2013 - BAM Properties has sold its 930 Aztec West development in Bristol. The sale follows BAM letting the whole building to technology firm NVidia, in May. It has been bought by investment and asset management company Threadneedle UK Property Trust. The transaction is expected to complete on the first day of August.
Martin Hill, BAM Properties’ Development Director, said: ‘Its great news that we’ve reached a deal with Threadneedle. The quality of the building and the strength of the tenant are obviously major attractions for the new owner. BAM not only developed the building Aztec West, we also designed it and constructed it, so we know the building inside out and are confident that it will serve its landlord and their tenants well.’
Hartnell, Taylor, Cook were the agents for BAM. Colliers International represented Threadneedle. The transaction was valued at £5.6 million.
Regarding BAM’s present strategy Martin Hill added: ‘I’m gently optimistic about the outlook in the South West. The green credentials of our buildings attract good quality tenants and our reputation in the market is for quality across all we do, from PPP, through design and construction. Our focus is now for future acquisition towards prime city centres like Bristol. Everybody wants to find a golden opportunity to secure a pre-let tenancy which, and although rare, with our reputation, this is always possible.’
Further information: Mark Slattery, press and media manager, BAM Construct UK Ltd, 01442 238415.