Freehold Office Investment
170 Aztec West
Bristol
BS32 4TN
Somerset House
18 Canynge Road
Clifton
Bristol
BS8 3JX
0117 923 9234
F 0117 923 9237
www.htc.uk.com
Hartnell Taylor Cook LLP is a Limited Liability Partnership registered in England and Wales OC 313211
Offices in London, Bristol, Plymouth
Hartnell Taylor Cook LLP is Regulated by RICS
Freehold Office Investment
INVESTMENT SUMMARY
Bristol is the regional and business capital of the South West of England and
has become one the UK’s major commercial and financial centres.
Aztec West is one of the most prestigious business parks in the South West.
Let on a single FRI lease to Inty Limited with over 10 years unexpired.
Inty Limited recently acquired by one of the largest investors in
telecommunication companies in the world.
Current rental income £121,675 per annum.
Offers sought in the region off £1,210,500, representing a generous net initial
yield of 9.5% after standard purchaser’s costs.
LOCATION
Bristol is strategically located at the junction of the M4
and M5 motorways, and is served by the M32, which
provides a link between junction 19 of the M4 and the
city centre, some 3 miles to the south.
The M4 is the east-west axis from London to Cardiff,
while the M5 links Birmingham to Exeter.
Bristol lies 110 miles west of London, 45 miles east of
Cardiff, 87 miles south of Birmingham and 80 miles
north of Exeter.
Bristol is served by two mainline railway stations, Temple Meads in the city centre and
Bristol Parkway in the northern fringe of the city. Both stations provide regular intercity
services to the major cities throughout the UK including London Paddington (the fastest
journey time from Temple Meads being one hour 45 minutes and from Parkway one hour 20
minutes), Manchester (2 hrs 58 mins), Birmingham (1 hr 25 mins), Cardiff (49 mins) and the
South West. The subject property is a 6/7 minute drive from Parkway Train Station.
Communications with South Wales have been further improved with the M48 Motorway and
second Severn Crossing.
170 Aztec West, Bristol, BS32 4TN
October 2012
Freehold Office Investment
International port facilities are available at
Royal Portbury Docks and Avonmouth, whilst
Bristol International Airport, the fastest growing
top 10 airport in the UK over the last decade
provides regular domestic and international
flights. Worldwide, Bristol International Airport
services over 4.6 million passengers a year, and
flies to over 122 destinations in 29 countries. In
addition, a planning application was approved in
May
2010,
for
the
development
and
enhancement of Bristol Airport which will enable the airport to handle 10 million passengers
per annum by 2019/2020 which will increase spending in the South West by overseas visitors
of £1.1 billion and generate additional income to the region of almost £2.6 billion over the
period 2008/2010 to 2019/2020.
DEMOGRAPHICS AND ECONOMIC PROFILE
Bristol is the regional capital and principal financial and commercial centre of the South
West. It is the 5th largest conurbation in the UK and is the country’s 3rd largest financial
centre with a district population of approximately 421,000 persons and a travel to work
catchment of around 1,000,000 persons. The population within 10 kilometres of the centre
is 555,000 persons (1994 Estimate).
According to the National Statistics Office the economic activity rate for the South West is
greater than the UK average, and unemployment rate lower than the UK average.
The local economy is dominated by service industries and it has become one of the largest
employment bases for banking, finance and insurance sectors outside London and is a
popular relocation destination.
Major employers within Bristol include HBOS Financial Services, Hargreaves Lansdown
NatWest Life, whose regional headquarters in the
city are at Temple Quay where other occupiers
include Bond Pearce, Royal Bank of Scotland, Bank
of Ireland, Department of Environment Transport &
Regions, Osborne Clarke, Regus Plc, British
Telecommunications Plc and Canada Life.
170 Aztec West, Bristol, BS32 4TN
October 2012
Freehold Office Investment
Main relocations to Bristol over the years
include:Ministry of Defence Equipment and
Support.
Hewlett Packard National Research
Laboratories.
Axa Sun Life Headquarters.
Lloyds Banking Group National
Debt Recovery Headquarters.
Orange.
Rolls Royce.
Airbus.
BBC.
Clerical Medical.
Cabot Circus, the £500 million expansion of Broadmead was voted the winner of the 2008
Best Shopping Centre of the Year Award by MAPIC.
The city benefits from two outstanding Universities, The University of Bristol and The
University of the West of England with approximately 60,000 students.
In addition, Bristol has been named as a ‘super city’ by a report commissioned by HSBC
Commercial Banking ‘The Future of Business – The Changing Face of Business in 21st Century
Britain’. It predicted digital communications, biotechnology and low carbon industries will
provide the best growth prospects with Bristol heading the rebalancing.
170 Aztec West, Bristol, BS32 4TN
October 2012
Freehold Office Investment
SITUATION
Aztec West is strategically situated at Junction 16
of the M5 Motorway, less than 1 mile from the
M4/M5 Interchange, providing fast access to
London, South Wales, Midlands and the North.
Bristol City Centre lies approximately 5 miles to the
South via the M32 and the A38, with the newly
opened ‘Charlton Way’ linking the A38 with the
north Bristol suburbs. Bristol Parkway Railway
Station is located some 2 miles to the South, local bus services stop at the park and the
extensive retailing facilities of The Mall at Cribbs Causeway, the South West’s regional
shopping centre, are located at Junction 17 of the M5 Motorway.
Aztec West is one of the United Kingdom’s first ‘masterplanned’ business parks, and remains
one of the highest quality business parks in the UK.
Amenities provided on the business park include the 4 star Aztec Hotel, a new ‘Lodge on the
Park’ budget hotel, the Aztec Centre which provides a range of retail and restaurant options
and a Starbucks. The park also features mature landscaping, including water features and
wildlife, providing an excellent working environment for more than 6,000 people who work
at Aztec West and it is for these reasons that Aztec has attracted a wide range of national
and international companies from sectors including manufacturing electronics, banking,
public utilities, insurance and engineering. Occupiers on Aztec in the immediate locale
include Hoare Lea, AMEC, RPS and ADT Fire & Security. Other occupiers on Aztec West
include Everything Everywhere, Co-op Legal Services, W S Atkins, Vodafone, Regus,
Allianz Cornhill, Virgin, RAC, Liverpool Victoria, Axa Wealth, RBS, Cap Gemini and
Canon.
170 Aztec West, Bristol, BS32 4TN
October 2012
Freehold Office Investment
DESCRIPTION
The property comprises a detached office building
arranged on ground and one upper floor. The
building is of traditional block and brick
construction arranged under a pitched tile clad
roof.
The property benefits from air conditioning,
suspended ceilings, raised floors and Category 2
lighting. There are male and female WC’s on both
floors, with a disabled WC and shower room at
ground floor level. Externally, there are 36 car spaces, providing an excellent ratio of 1:182
sq ft.
ACCOMMODATION
The property has been measured in accordance with the RICS Code of Measuring Practice
(6th Edition) and provides the following net internal areas:Ground Floor
First Floor
Total
3,314 sq ft
3,337 sq ft
6,551 sq ft
TENURE
Freehold.
TENANCY
The entire property is let to Inty Limited for a term of 15 years from 9 April 2008, expiring 8
April 2023, at a current passing rent of £121,675 per annum. The next rent review is 9 April
2013.
170 Aztec West, Bristol, BS32 4TN
October 2012
Freehold Office Investment
TENANT DATA
Inty Limited was founded 14 years ago and is at the
forefront of pay as you go managed IT and security
services. The Inty organization operates in the
Cloud Computing market space where it delivers
applications, products and services that are
integrated, easy to manage and bill to SMB and
enterprise customers via domestic and global
strategic partners. It is headquartered at Aztec 170.
In July 2012 the entire share capital of Inty Limited
was acquired by Weather Investments II S.a.r.l for
almost £3m.
Weather Investments is an experienced investor and strategic shareholder in
telecommunication companies. Notably Weather Investments owns an economic interest of
about 20% in Vimplecom, the world’s 6th largest mobile telecommunications group by
subscribers. Weather Investments Stockholding in this company alone is worth $3.72 billion.
Inty Limited was named ‘European Service Provider of the Year’ in 2012 and Weather
Investments acquisition will help drive initiatives to support and extend Inty’s ‘cascade’
platform (key enabling technology) in Europe and the USA as well as expand into new
markets of South America and Asia Pacific.
Inty Limited has total assets of £2,344,099 and shareholder funds of £480,774. Company
Searches give them a rating of 98, ‘very good creditworthiness’ based on their latest
accounts up to 31 August 2011.
BRISTOL OUT OF TOWN MARKET
The out-of-town market is concentrated to the north
of the city around the M4/M5 corridor and the Avon
Ring Road and totals approximately 5.5 million sq ft.
Aztec West was one of the first significant business
parks to be developed outside the South East about
25 years ago.
The North Bristol market has
attracted a number of defence related companies
such as Airbus and Rolls Royce who have been
attracted by the easy access and proximity to the
MoD Procurement Centre at Abbey Wood.
170 Aztec West, Bristol, BS32 4TN
October 2012
Freehold Office Investment
PROPOSAL
We are instructed to seek offers in the region of £1,210,0000 (One Million Two Hundred and
Ten Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level
reflects a net initial yield of 9.5% allowing for standard purchasers costs of 5.8%.
VAT
It is anticipated that the sale of the property will be treated as a Transfer of a Going
Concern (TOGC)
INVESTMENT CONSIDERATION
Prestigious Aztec West location.
Let on one single lease to Inty Limited, now 100% owned by Weather
Investments II S.a.r.l.
Unexpired term in excess of 10 years.
Excellent car parking ratio of 1 per 182 sq ft.
VIEWINGS AND ENQUIRIES
For further information or to arrange an inspection of this property, please contact.
Ian Lambert BSc MRICS
Partner
Tel: 0117 946 4525
E-mail: [email protected]
Hartnell Taylor Cook LLP
Somerset House
18 Canynge Road
Clifton
Bristol BS8 3JX
Hartnell Taylor Cook LLP for themselves and for the vendor or lessor of this property, whose agent they are, give notice that:
These particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part or whole of an offer
or contract;
All descriptions, dimensions, photographs, references to condition and necessary permissions for use and occupation and other details are given in good
faith and are believed to be correct, but intending purchasers or lessees should not rely on them as statements or representations of fact and must satisfy
themselves as to their correctness;
No person in the employment of Hartnell Taylor Cook LLP has any authority to make or give any representation or warranty whatsoever in relation to this
property or these particulars nor enter into any contract on behalf of the vendor or lessor;
Unless otherwise stated, all prices, rents and other charges are quoted exclusive of VAT. Any intending purchasers or lessees must satisfy themselves
independently as to the incidence of VAT in respect of any transaction;
All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have not
been tested and we give no warranty as to their condition or operation;
No responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties that have been sold or withdrawn;
Hartnell Taylor Cook LLP is a Limited Liability Partnership registered in England and Wales OC 313211.
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