The property, acquired from Abstract Securities, will be redeveloped into an 85,790 square foot office building.
The building has been pre-let to engineering support services company Babcock Integrated Technology.
Babcock has agreed a 15-year full-repairing lease at a start rent value of approximately £1.6 million per annum.
The project is set to be complete by May 2019.
Aviva acquired the property on behalf of its Lime Property Fund, which is a secure income long lease property fund.
The fund targets property investments let to strong tenants on leases with inflation-linked or fixed-rental uplifts and lease terms of 15 year plus.
Kris McPhail, assistant fund manager at Aviva Investors, said: “This transaction provides our institutional clients with an inflation-linked cashflow from a strong tenant and a property that is well located and strategically important to the tenant. These are exactly the type of investments we are actively targeting for the Lime Property Fund.”
Mark Glatman, chief executive of the Abstract Group, added: “This building in Bristol represents the third office building Abstract has undertaken for Babcock over the last three years and the efficiencies of procurement and consistency of design have enabled Babcock to benefit from an extremely low rent level for this new building.”
“The process of forward funding was only initiated at the beginning of August and Aviva concluded their commitment within a month of agreeing heads of terms.”