An 89,010 sq ft grade A office building in the heart of Bristol’s central business district has been acquired by Aviva Investors. DTZ sold the building on behalf of IVG whilst Bray Fox Smith represented Aviva Investors.
The purchase price was undisclosed.
Prominently located overlooking Bristol’s Floating Harbour, Kings Orchard is let in its entirety to law firm, Bevan Brittan LLP on a 20 year full repairing and insuring lease from March 2007.
The property has been part sublet to Chartwell Healthcare, Tribal Group LLP, Arista Insurance, FRP Advisory LLP and engineering firm Parsons Brinckerhoff which has recently sub-let 17,000 sq ft, one of the largest office deals in Bristol in 2014.
Spread over six floors, the building was extensively redeveloped and extended in February 2007 and includes underground car parking.
Nick Allan, Senior Director, Investment agency at DTZ, commented: “We are delighted with the result following a highly competitive bidding process. This deal represents the largest office transaction to have been concluded in Bristol during 2014, which highlights the dearth of opportunities to invest in one of the key UK cities.”
Mike Luscombe, Fund Manager at Aviva Investors said: “We are upbeat about the potential for UK real estate in 2015 and particularly key office markets outside London over the short to medium term. This purchase represents an attractive investment opportunity in a prime business location.”