Real estate services firm, DTZ, part of UGL Services, together with joint agent, BNP Paribas Real Estate, has sold the freehold interest in three buildings at Bristol Business Park on behalf of Deeley Freed Estates Limited for a combined total of £12.45m.
F&C REIT Asset Management on behalf of F&C UK Property Fund has purchased buildings 410 and 420 at the business park for £7.045 million, reflecting a net initial yield of 7%, whilst Mayfair Capital Investment Management on behalf of Mayfair Capital Property Unit Trust has acquired buildings 440 for £5.5m, reflecting a net initial yield of 7.14%.
Knight Frank acted for both Mayfair Capital and F&C REIT Asset Management.
Buildings 410 and 420 comprise 15,480 sq ft and 12,220 sq ft of grade A office accommodation, whilst building 440 totals 20,969 sq ft. All three properties have been refurbished to a high standard and are let to Motability Operations Ltd on new 15 year full repairing and insuring leases.
Nick Allan, Senior Investment Director at DTZ commented: “Bristol Business Park is recognised as one of the city’s premier out of town locations with vacancy levels currently running at only 1%. This, allied with well located high quality buildings let to strong covenants, provided an excellent opportunity to invest in core plus assets.”
Bristol Business Park is located five miles north of the city centre and was developed by Bristol & England Properties beginning in the mid 1990’s, providing circa 420,000 sq ft in 29 buildings.
Other major occupiers at the park include, Thales, Du Pont, the University of the West of England, The Forestry Commission, Boeing, Qinetiq and Data Systems & Solutions.
