Kames Capital, advised by V7 Asset Management, has completed the off-market acquisition of a central Bristol office building for £2.8 million.
The property, formerly known as Techno House, is located on Redcliffe Way in the city centre and comprises 28,732 sq ft of office space set over ground and five upper floors. The building has been acquired on a long leasehold basis, with vacant possession.
The building has been acquired for the Kames Property Income Fund, and has been targeted for full refurbishment and letting to new tenants as part of a comprehensive asset management strategy. V7 Asset Management has been retained as development manager on the scheme.
The Redcliffe area of Bristol is currently experiencing significant commercial and residential development, with the nearby Finzels Reach and Redcliffe Village schemes being joined by a commitment by the University of Bristol to create a £300 million campus at nearby Temple Meads station.
Richard Peacock, co-fund manager of the Kames Property Income Fund, commented: “The fund already has two office holdings in central Bristol and the acquisition allows the team to leverage off the existing relationships that have been established with key stakeholders in the city including the city council, professional advisers and local occupiers. We look forward to creating a product that targets the growing demand from occupiers for good quality, affordable space in the Temple Meads area.”
Matt Leach, partner at V7 Asset Management, said: “There is an acute shortage of available office stock in the city centre, and this property is ideally situated to capitalise on the pent-up demand for space in the area. Once refurbished, this building will be one of Bristol’s most-desirable office locations, with floorplates of 5,000 sq ft that match current market demand.”
The deal follows Kames’ recent acquisition of a Slough office building for the same fund, also advised by V7 Asset Management. Matt Leach continues: “Both of these acquisitions underlines Kames’ strategy of targeting well-located properties with excellent asset management potential and the possibility of future growth. Both schemes are well-positioned to capitalise on the opportunities presented in their respective markets.”
Kames Capital was advised by V7 Asset Management and Savills; Knight Frank represented the vendor.
