The Temple Circus building in Bristol has been bought by Prudential, for its Life Fund, for £26m. It was bought from the Aviva Investors and Hermes’ Serviced Office UK fund at a yield of 7.4%.
The property was the final asset in the fund that was part of the defunct serviced offices joint venture with Stonemartin that is now fully liquidated.
Temple Circus comprises 90,116 sq ft and is multi-let to tenants including Oval Insurance Broking and The Institute of Physics.
Chris Lewis, partner at Cushman & Wakefield said: “Bristol is one of the principal office centres outside central London with strong market dynamics. The price paid for this property represented a great opportunity to invest in a prime regional office at a historically high yield with excellent potential to increase this further.”
Cushman & Wakefield advised Prudential. DTZ acted for the seller.