Hartnell Taylor Cook LLP acting jointly with MacLaren & Partners has sold St James Court, 9/12 St James Parade, a multi-let office investment building in Bristol for Sanderling Estates LLP for £4.6m, representing a net initial yield of 11.9% and a capital value of £126 per sq ft.
72% of the income is secured to RBS Plc until July 2016, but do not occupy the building.
The modern, contemporary and high specification office building, arranged over five floors sits opposite the retailing facilities of Broadmead Shopping Centre and is a short walk from Cabot Circus which together extend to over 1m sq ft. The property extends to 36,488 sq ft and generates a total passing rent of £578,663 per annum. The property maintains a pitched glazed roof covering a feature full height atrium allowing substantial natural light throughout the building and additionally includes 33 secure car parking spaces.
The property has been acquired by Kames Capital who acquired a mixed office/retail building, Embassy House, in Clifton earlier in 2013.
Ian Lambert, Investment Partner at Hartnell Taylor Cook LLP said “The property generated a good level of interest with prospective purchasers attracted by the quality of the building, secure income stream and asset management initiatives offered by the fact that RBS are not in occupation.”
