Affinity secures NHS in Bristol

By Paul Norman - Thursday, July 13, 2017 15:42

Affinity Global Real Estate (Affinity GRE), the regeneration and commercial property added value specialist, has let a further 8,869 sq ft at The Spectrum Building in central Bristol to NHS Shared Business Services Ltd (NHSSBS) at an annual rent of £199,552.

The outsourcing and support services firm – a joint venture between the Department of Health and Sopra Steria – has taken the ground floor space on a new ten-year lease. The arrival of NHSSBS follows 16,500 sq ft of lettings in 2016, and brings the building to 78% let with 25,409 sq ft still available, the majority of which is on the newly-refurbished ground floor.

The circa £1m ground floor refurbishment – including new raised floors, LED lights and air conditioning – completed in May, with further work to update the reception area due to finish towards the end of the year. The relocation of NHSSBS from nearby offices brings the number of companies based at The Spectrum Building to 10.

Robert Whitton, Chief Executive Officer of Affinity Global Real Estate, said: “We made the acquisition of The Spectrum Building as part of our asset repositioning strategy which specifically targets the UK’s most in-demand, but under-served office markets. Bristol is one such city. Not only is it one of the UK’s fastest-growing cities, but as a market, it offers property investment opportunities that can rival anything in Greater London.

“The Bristol office market still remains relatively under-supplied with high-quality space, and with the work undertaken at The Spectrum Building helping to plug this shortfall we are confident of finding occupiers for the remaining vacant space in the near future.”

Fronting onto Cabot Circus and Bond Street, The Spectrum Building is a city centre landmark and was acquired by Affinity Global Real Estate in March 2016. Affinity’s own advisory company, Affinity Global Advisers, appointed V7 Asset Management to put in place its active asset management programme to capitalise on the building’s location and potential.

Matt Leach, a partner at V7 Asset Management, added: “To secure NHS Shared Business Services as an occupier – attracting the firm from nearby premises while the refurbishment works were ongoing – is a real positive for The Spectrum Building and highlights the pent-up demand for city centre office space. It has become not just a physical landmark, but somewhere that firms want to work from and be associated with.”

V7 Asset Management advised Affinity Global Advisers and Affinity Global Real Estate with joint agents JLL and Knight Frank. Vail Williams acted on behalf of NHSSBS.

pnorman@costar.co.uk

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