Fortix Capital – the joint venture between Watson’s Property and SecureHome Group – has acquired the 715 Aztec West office building in Bristol for £2.625m.
The detached two-storey office building extends to 17,587 sq ft and occupies a prominent position at Aztec West business park, around half a mile from Junction 16 of the M5.
The asset, which was comprehensively refurbished in 2014 and 2023, is fully let to three tenants with Miller Homes recently committing to a new 10-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.
The acquisition – which represents a net initial yield of 12.4% – is Fortix Capital’s third since it launched and follows the purchases of Brindley House and the Aqua office building in Birmingham’s Jewellery Quarter.
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 10-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 AP Chartered Surveyors and Gunner Cooke. The vendor was advised by Hartnell Taylor Cook and CBRE.
