The Capital Markets team of Knight Frank in Bristol has completed the off-market acquisition of the landmark Aurora office building in central Bristol for £62.13 million.
The purchase is the largest office deal in the South West so far this year.
Acting on behalf of Royal London Asset Management, Knight Frank acquired the virtual freehold of the 95,771 sq ft multi-let office building in a transaction representing a net initial yield of 4.75%. Savills acted for developer Cubex and Palmer Capital. Aurora attracts rents of £3,151,365 per annum.
Steve Oades, head of the Capital markets team at Knight Frank in Bristol, said: “We are delighted to have advised Royal London on the purchase of what is unquestionably Bristol’s finest office building. The building let up during construction and the rents achieved on the first deals are already looking reversionary”.
Tenants at Aurora include financial services firm Parmenion, part of Aberdeen Standard Investments, recruitment and consulting business Experis, law firm Simmons & Simmons, intellectual property company Mewburn Ellis LLP and Amdaris.