Hermes - Offices Development - Bristol, Aztec West

Date: 10 Jan 2002

Hermes has transferred 7.6 acres of land to Arlington at Aztec West, Bristol. This will enable them to carry out the construction of a 135,000 sq ft office scheme to accommodate the requirements of Orange.

The scheme comprises two high specification office buildings of 60,000 sq ft and 75,000 sq ft. Both have been pre-let to Orange for a term of 20 years at a rent of £19.25 per sq ft.

The transfer originates from a joint venture agreement, which was signed in 1992 which transferred the land to Hermes. The agreement enabled Hermes to fund development phases and share the profits. The land transfer effectively completes the Aztec West development.

King Sturge acted for Hermes whilst Strutt & Parker and DTZ acted for Arlington. King Sturge in Bristol acted for Orange.

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