The Knight Frank Capital Markets team in Bristol has acquired 43 Queen Square on behalf of CBRE Global Investors for £4.9 million.
The four storey office building, totalling 25,041 sq ft, is let to Lyons Davidson Limited on a new 20 year lease at a rent of £15.00 per sq ft.
The transaction represented a net initial yield of 6.32% and a capital value of £195 per sq ft.
Nick Thurston, associate at Knight Frank, said: “There is currently a significant amount of development activity within Queen Square and its vicinity which will assist in ensuring it remains one of the prime office locations in the city going forward. The Square has strong prospects for rental growth as confidence in the occupier market continues to improve.”
Knight Frank acted on behalf of CBRE Global Investors. Alder King acted on behalf of Oriel House Investments.