Clifton offices sold in £7.5m deal

Embassy House in Clifton, Bristol has been sold in a deal worth £7.5 million. Kames Capital, represented by independent property consultant GVA, has purchased the freehold of the property from Rockspring, advised by Knight Frank.

The deal represents a net initial yield of 9%, and a reversionary yield of 11%.

The multi-let, six storey office tower accommodates retail units and a banking hall on the ground and first floor. The 60,248 sq ft property is let to 19 tenants, including Barclays, Austin Reed, Savills, Ranstrad and Failand Paper Services.

Richard Howell, Investment Director at the Bristol office of GVA, comments, “This is a well-known building in Clifton, that benefits from open plan floor plates. There are significant opportunities to add value through active asset management, as confidence in the occupier markets continues to improve.”