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 represented Savills Investment Management and C&W represented Aviva.
Citigate Dewe Rogerson
Patrick Evans / Stephen Sheppard / James Madsen / Alice Stewart
Tel: +44 (0)20 7282 2966
Savills Investment Management