A private buyer has snapped up a building at Vantage Office Park in North Bristol for over £2 million.
The freehold investment deal was brokered by Jones Lang LaSalle and Alder King on behalf of local developers Deeley Freed.
The sale saw strong interest and offers from a number of potential buyers, attracted by the strong covenant on the building, which is let to the NHS South West Strategic Health Authority until October 2018.
The 9,874 sq ft property was sold for £2,055,000, reflecting a yield of 8.47% to a private client of Stimpsons Eves.
Simon Bennett, director, at Jones Lang LaSalle’s Bristol Office said:
“We received a strong number of offers from interested parties, all willing to pay a good price which is encouraging considering the current economic climate. This is in no small part due to its very strong covenant, which allowed us to present the building as a secure investment on a successful business park. In the current climate, we’re seeing a clear preference for this type of investment from private buyers looking for a safe haven for their money.”
Unit D forms part of the second phase of Vantage Office Park which has been popular with a range of tenants. Jones Lang LaSalle also sold the first phase of Vantage Office Park to Summerfield Developments last year and now acts as the letting agent for the site. Only last month the office team secured a new tenant, Edge Tax Consultancy Limited, for 2,995 sq ft of space in Unit B1, just 5 weeks of the property becoming vacant.
On behalf of Deeley Freed, Jones Lang LaSalle and Alder King are marketing the remaining three acres of the Park which has detailed consent for a range of buildings from 5,000 sq ft to 60,000 sq ft.
Vantage Office Park was built in 2005 and is on Old Gloucester Road near its junction with Winterbourne Road. It is well located for easy access into central Bristol, the M32 motorway, the M5 and Bristol Parkway station.
