en.Wedoany.com Reported - UK-based Fortix Capital has completed the acquisition of an office building in Bristol's Aztec West business park for £2.6 million. This marks the third major investment for the joint venture since its formation earlier this year, bringing it closer to its initial target of completing five acquisitions.
Fortix Capital is a joint venture between Watson's Property and SecureHome Group. The acquired property is a freehold office building located at 715 Aztec West, which is fully let with a net initial yield of 12.4%. The joint venture had previously acquired Brindley House, a residential development project in Birmingham's Jewellery Quarter, and the office building Aqua.
The standalone two-storey office building has a floor area of 17,587 square feet and is situated in Aztec West, one of the largest and most established business parks in the South West region. The park is adjacent to Junction 16 of the M5 motorway, near the M4/M5 interchange, and its tenants include Électricité de France (EDF), Virgin Media, National Highways, and Allianz. The property underwent comprehensive refurbishments in 2014 and 2023.
The asset is currently fully occupied by three tenants. Miller Homes recently signed a new ten-year lease for the second floor. Antillion, a Bristol-based defence and security company, occupies the connecting building under a newly negotiated leaseback arrangement. Imagination Technologies leases the ground floor.
Alex Watson, Founding Partner of Fortix Capital, stated that the property combines strong operational fundamentals with stable income, located in one of the leading business parks in the South West. The ten-year lease from Miller Homes reinforces income reliability, while rental levels remain below current market rates, providing a clear opportunity to increase income through proactive asset management. "This is exactly the type of investment we initially sought to acquire," said Founding Partner James Ackrill, adding that it is a high-quality building with diversified income from three robust tenants and benefits from recent refurbishments, demonstrating the company's strategy of acquiring well-let assets and creating long-term value through active management.
Fortix Capital was advised by Andrew Price of AP Chartered Surveyors and Victoria Camfield of Gunner Cooke. The seller was advised by Ian Lambert and James Frost of Hartnell Taylor Cook, as well as Richard Howell and Kiran Naidoo of CBRE.
