Freshford House and WCA House on Redcliffe Way in Bristol have been sold by UK Commercial Property Trust c/o Ignis Asset Management (a Standard Life Investments Company) to AEW UK Core Property Fund.
The property comprises approximately 32,000 sq ft and is let to The Secretary of State for Communities and Local Government, trading as Ofsted, until July 2015 when they will be vacating to take up space elsewhere in the city core.
Both properties are held on a leasehold basis with an unexpired term of circa 93 years. The price paid was £3,610,000, reflecting £112 per sq ft.
The seller was represented by Colliers International and the buyer by Knight Frank.
Richard Coombs, Director of Investment at Colliers International, who acted for UKCPT in the sale, said: “The vendor took the opportunity provided by an improving market to exit from an asset with a short unexpired term at a good price. The property was sold following a best bids process and AEW were selected on the grounds of best price and a proven track record.”
