Investec Real Estate has provided Commercial Estates Group with a £13.7m loan for the South West’s first net-zero-carbon out-of-town office development.
The loan has been secured against the recently completed 73,000 sq ft 1000 Aztec West office building in Bristol and refinances an existing development loan.
The grade-A 1000 Aztec West is BREEAM Excellent and EPC A rated. The all-electric building is powered by renewable energy and boasts energy-efficient heating, cooling and lighting systems.
Investec’s Ian Burdett said: “This loan reflects our conviction that high-quality, thoughtfully designed and sustainable offices, located in catchment areas with compelling fundamentals, will be highly sought-after and command the highest rents. 1000 Aztec West is a unique proposition for occupiers that recognise how important the physical environment is in talent acquisition and retention.”
Paul Richardson, investment manager at CEG, added: “1000 Aztec West was redesigned with modern tenants’ key requirements in mind. From environmental sustainability and data connectivity, to the wide variety of onsite facilities designed to maximise staff wellbeing, we have delivered city-centre specifications not seen in out-of-town Bristol before. Investec’s loan shows a commitment to a creative type of lending and has provided a pathway that will allow the property’s value to be maximised.”
The facility is the first Investec has provided to CEG.
Image from FTI Consulting
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