Military jet developer strikes major deal with Bristol’s Aztec West
A UK aerospace start-up that is hoping to develop the first fully Britishcrewed military jet since the 1970s has signed a major deal with a business park in north Bristol.
Aeralis has taken 5,607sq ft as its UK Enterprise Hub premises where it hopes to develop a new jet that can be tailored for a range of missions.
The company has a three-year research and development contract with the Royal Air Force to develop its aircraft as a potential successor to the BAE Systems Plc Hawk trainer and is also discussing opportunities with a number of other air forces.
Jordan Spear, a surveyor at real estate adviser JLL’s Bristol office, which helped broker the deal, said: “This deal with Aeralis will enable them to develop this ground-breaking new military jet in north Bristol, further reinforcing the area’s reputation as a key location for defence and aerospace companies, with so many already present in the area.”
Mr Spear said Bristol and the wider region had seen “significantly improved” industrial market conditions over the last 18 to 24 months, driven by a reduced supply of stock and increased demand.
“This letting reiterates the strong occupier sentiment in the market which has allowed for substantial rental growth,” he added.
Tom Cater of real estate advisors Gerald Eve, who represented Aeralis in the lease transaction, said the unit would provide the company with the space it required to expand.
“The fact that we were able to identify the property, negotiate suitable terms incorporating the landlord’s works, so swiftly, was of paramount importance for our client in ensuring that they could meet the tight operational deadline,” he said.
Peloton Real Estate are the asset managers of Aztec West on behalf of Blackrock Industrial Trust and were represented by JLL in the deal.