Family-owned trading company the RO has announced the acquisition of 90 Victoria Street, Bristol from Mayfair Capital.
90 Victoria Street is an office building comprising 24,377 sq. ft. of high-quality accommodation across four storeys. The building is fully let and is home to a group of well-known companies. These include Mazars LLP, which has offices in over 90 countries; and Tetra Tech Group Ltd, a global provider of engineering services, with over 450 offices. Others are Francis Clark LLP; and BJSS Limited, a leading tech and engineering consultancy with 19 offices in the UK, and more in Europe, the US, and Australia.
The property is situated in Bristol’s prime office location on Victoria Street which connects Temple Meads with the city centre. 90 Victoria Street is prominently positioned on the main road, a few minutes’ walk from Bristol Temple Meads Station. The site area extends to 0.5 acres and benefits from 18 secure parking spaces.
Bristol is the fifth largest city in the UK and the capital of the South West, with an estimated population of 550,000 and a larger urban zone of 1.6 million residents. The Bristol office market has performed strongly in recent times and has led the Big Six city centre office markets, achieving total take up of 620,211 sq. ft. in 2022, which was above the ten year average. Prime rents are now at £42.50 per sq. ft. with an overall vacancy rate of 5% and a Grade A vacancy rate of 1.6%.
The RO was advised by Knight Frank. Mayfair Capital was advised by JLL.
Nick Cashmore, Investment Director, the RO commented:
“The acquisition adds a further high-quality asset to the portfolio in one of our target regional office markets. 90 Victoria Street is a well-located asset with a strong tenant line-up and low average rental level. We plan to actively asset manage the building, improving the ESG credentials to ensure the building is future proofed. We are in a strong position to move quickly when attractive opportunities present themselves and continue to seek new additions to the portfolio that fit our investment strategy.”
David Kershaw, Group Real Estate Director, the RO commented:
“We are very pleased to be investing once again in Bristol, which is considered to be one of the most innovative and economically attractive places in the UK. Its flourishing TMT, professional, and financial services sectors are a big draw for us, with the city benefiting from a thriving office market. We look forward to our ownership of a marquee office in a great location where we see the potential for further value creation.”
