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Hermes Transfers Aztec West Land to Arlington

LONDON-Hermes has transferred 7.6 acres of land to Arlington at Aztec West, Bristol. It did the deal to enable it to carry out the construction of a 135,000-sf office scheme for mobile telecoms operator Orange.

By Charlie Jacoby | Updated on January 14, 2002

LONDON-Telecoms operate Orange’s requirement for 135,000 sf of offices at Aztec West, Bristol, was good news for landlord Hermes. But to do the deal, Hermes has had to transfer land to Aztec’s original developer, Arlington.

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

The scheme for Orange comprises two high specification office buildings of 60,000 sf and 75,000 sf. Both have been pre-let to Orange for a term of 20 years at a rent of £19.25 ($27.78) per sf.

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