Fortix Capital has acquired a fully-let office building on Bristol’s Aztec West business park for £2.62m.
The deal for 715 Aztec West is the third acquisition by the joint venture between Watson’s Property and SecureHome Group since it launched earlier this year.
The firm said it is now close to completing the five acquisitions it targeted at launch.
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.”
The two-storey building extends to 17,587 sq ft and sits half a mile from Junction 16 of the M5.
It is fully let to three tenants.
Miller Homes has taken a new 10-year lease on the first floor, while Bristol-based defence and security business Antillion occupies the link building.
Imagination Technologies occupies the ground floor, providing diversified income underpinned by long-term covenant strength.
The property was refurbished in 2014 and 2023.
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.”
The deal represents a 12.4% net initial yield.
The firm said it invests across residential, commercial and industrial property throughout the UK, with a focus on counter-cyclical opportunities and complex transactions.
Fortix Capital was advised by Andrew Price of AP Chartered Surveyors and Victoria Camfield of Gunner Cooke.