A 12,000 sq ft Grade II listed office building in Clifton, Bristol has been snapped up in an off market deal.
The building, located at 7-9 Whiteladies Road, has been sold for £4.78 million in an investment deal brokered by national commercial property consultancy Lambert Smith Hampton (LSH).
Acting on behalf of owner Sunnyday Capital, LSH completed the transaction in less than 10 weeks from initial instruction and achieved £1m more than the instructed quoting price, indicating the buoyancy of the Bristol office market.
LSH Associate Director Hollie Ruddle, who handled the transaction, said: “This deal highlights the strong demand for well-let, well-located investment opportunities in Bristol.”
“The sale reflects a capital value of £400 per sq ft and a net initial yield of 4.75 per cent.”
Didier Tandy of Sunnyday Capital, said: ‘This sale follows our having maximised value in December by restructuring the main occupational lease, thereby increasing rent receivable by 30% to £242,000 per annum’
The building is let for five years term certain to ARAG PLC and has been bought by the University of Bristol. Alder King represented the purchaser.