Hartnell Taylor Cook - Offices Development - Bristol, New £21m Office Development at Aztec West

Date: 02 Nov 2006

F&C Property Asset Management, in association with HBG, is to develop 60,000 sq ft of new Grade A office accommodation in two buildings at Hempton Court at Aztec West Business Park in Bristol at a value of £21.2 million.

The new headquarters buildings will each comprise 29,795 sq ft (2,768 sq m) over three storeys. Each building will offer 122 car parking spaces and quoting rents for prelets are £24 per sq ft (£258 per sq m).

Royal & Sun Alliance owns the development site, while HBG will develop the properties. As part of the newly signed development agreement, Royal & Sun Alliance will receive a guaranteed land value and both parties will share the development profit.

HBG will begin work on site in the next month, with an expected completion set for spring 2008.

Daniel Plummer, F&C Property's Head of Regional Offices, comments; "Aztec West is Bristol's prime out of town office location. With demand in this market rising and a shortage of stock, this deal with HBG provides the fund with a guaranteed priority return at no risk with a 50% share in any upside."

Hartnell Taylor Cook LLP advised HBG. F&C Property Asset Management, on behalf of Royal & Sun Alliance, was advised by Jones Lang LaSalle and King Sturge.

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