The investment interest in a Bristol city centre office building has changed hands for £17.34 million. Advised by Bilfinger GVA, Epic UK has acquired the freehold of 1 Linear Park, Temple Quay, out of receivership from PwC. The price reflects a net initial yield of 6.15%.
Situated in the heart of Bristol’s business quarter, 1 Linear Park is let to Simmons & Simmons, DNV and Kaplan Financial. The property extends to 52,000 sq ft over 6 floors, and is fully occupied with a WAULT (weighted average unexpired lease term) of 4.6 years.
Richard Howell, Investment Director at Bilfinger GVA in Bristol says, “Temple Quay is a vibrant area, and there are strong prospects for rental growth at 1 Linear Park as confidence in the occupier market continues to improve. There is a significant amount of further development planned for Temple Meads, within the Enterprise Zone and the Arena site, and this will all assist in ensuring Temple Quay remains the focus for prime office development in the city going forward.”
Bilfinger GVA acted on behalf of Epic UK, Alder King and Savills acted on behalf of the vendor.