A private overseas based family office, advised by Hartnell Taylor Cook LLP, has acquired two out of town office investments for £7.183 million, reflecting a blended net initial yield of 7.42 per cent.
The investment comprises 240 Bristol Business Park, a modern office building extending to 18,338 sq ft let to QuinetiQ Ltd until December 2020 producing £360,000 per annum, and 2510 Aztec West, another modern office building extending to 10,496 sq ft, which is multi-let to three tenants and including a vendors guarantee produces £209,399. Total annual income stream is £569,399 per annum.
Ian Lambert of Hartnell Taylor Cook LLP said: “We were delighted to act on behalf of the purchaser on both these properties, which are situated on the best two office parks in Bristol, let to substantial covenants and offer an attractive blended net initial yield”.
The vendor is a private property company advised by Colliers International. Richard Coombs, Director of Investments at Colliers International who handled the sale said: “The disposal of these two offices was undertaken following the completion of various asset management initiatives allowing our client to sell at best value. These sales were completed post the Brexit vote, which is a reflection on the quality of the assets and strength of the north Bristol out of town office market”.
