AEW UK REIT plc (LSE: AEWU) (the “Company”), which owns a diversified portfolio of 31 regional UK commercial property assets, has let 1,986 sq ft to Kingston Barnes, the construction recruitment firm, in 40 Queen Square. The property is a 38,301 sq ft Grade-A office building located in central Bristol. This transaction means that the building is now fully let.
AEW UK REIT implemented a significant refurbishment programme at 40 Queen Square, in line with its strategy of maintaining high-yielding income streams while driving rental growth and adding value through active asset management. This latest transaction concludes a successful run with agents GVA and JLL agreeing 6 lettings totalling just less than 25,000 sq ft within the last 12 months.
Michael Shears, Asset Manager for AEW UK REIT, says: “Queen Square is one of the most sought-after business addresses in Bristol, benefiting from excellent transport links and surrounded by a range of local amenities.
“Securing a fully let building at 40 Queen Square is testament to the expertise and skills of our team and also demonstrates the buoyancy of the high-quality office market in regional UK cities.”
“The outlook for commercial property returns in UK regional cities remains positive and by continuing to focus on income producing assets, we are confident of delivering attractive returns to shareholders.”
James Kingston, Managing Director of Kingston Barnes, commented “40 Queen Square appealed to us as we were looking for high quality office space in the heart of the City. The new showers and internal bike storage are a real plus and open up the ability for our team to cycle or run to work”.
Alex Riddell, Associate at GVA in Bristol who advised AEW UK REIT, adds “Sentiment within the Bristol office market remains strong and with an ever reducing amount of available stock there is becoming a real lack of choice for occupiers in town. High quality office refurbishments such as 40 Queen Square remain a major attraction for businesses wanting to be in the heart of the city, offering staff the benefits of being in a central location.”
