Swindon & Wiltshire News
Property investor acquires new building in £2.6 million deal
Property investor Fortix Capital has snapped up a fully let freehold office building at Aztec West in Bristol in a £2.6 million deal, taking the new venture a step closer to its planned five-asset buying spree.
The joint venture between Watson’s Property and SecureHome Group paid for 715 Aztec West, a detached two-storey building extending to 17,587 sq ft and generating a 12.4 per cent net initial yield.
The purchase is Fortix Capital’s third since launch and follows its acquisitions of Brindley House, a residential development, and the Aqua office building in Birmingham’s Jewellery Quarter.
Situated in one of the South West’s best-established business parks, the building occupies a prominent position at Aztec West, around half a mile from Junction 16 of the M5 and close to the M4/M5 interchange.
The estate’s occupiers include EDF, Virgin Media, National Highways and Allianz. The property was comprehensively refurbished in 2014 and again in 2023.
The asset is fully let to three tenants. Miller Homes recently signed a new ten-year lease on the first floor, Bristol-based defence and security business Antillion occupies the link building on a newly agreed reversionary lease, and Imagination Technologies occupies the ground floor.
Alex Watson, founding partner at Fortix Capital, said: “715 Aztec West combines strong occupational fundamentals with secure income in one of the South West’s leading business park locations.
“Miller Homes’ recent ten-year lease commitment reinforces the quality of the income, while rents remain below current market levels, providing a clear opportunity to grow income through active asset management.
“It is exactly the type of investment we set out to acquire.”
James Ackrill, founding partner at Fortix Capital, added: “This is a high-quality building with diversified income from three strong occupiers and the benefit of recent refurbishment. It demonstrates our strategy of acquiring well-let assets where active management can create long-term value.”
Fortix Capital was advised by Andrew Price of AP Chartered Surveyors and Victoria Camfield of Gunner Cooke. The vendor was advised by Ian Lambert and James Frost of Hartnell Taylor Cook, together with Richard Howell and Kiran Naidoo of CBRE.
