Charities Property Fund makes Bristol acquisition
24 January 2017
Savills Investment Management (“Savills IM”), the international real estate investment manager, has today announced that it has acquired Whiteladies House in Clifton, Bristol, from Aviva Investors on behalf of The Charities Property Fund. The sale value was £4.15 million, reflecting a yield to the Fund of 6.4%.
The property comprises an attractive, modern, freehold office building let to Swedish bank Handelsbanken and Films at 59 and occupies a prominent location close to the BBC Bristol Headquarters on Whiteladies Road. The leases have on average 5 years remaining and the rent on average reflects only £17.35 per sq ft.
Harry de Ferry Foster, Fund Director of the Charities Property Fund, commented:
“Bristol has seen a marked reduction in office space due to a large number of conversions to residential through permitted development. Furthermore, the historic nature of Clifton means new development is restricted. The price per sq. ft. of this building at £267 is probably half that of equivalent residential values – and the building could be put to a multitude of alternative uses. On top of this the rent is currently very affordable compared to levels close to £30 per sq. ft. that have been achieved elsewhere in Clifton.”
GVA respresented Savills Investment Management and C&W represented Aviva.
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