The Capital Markets team at the Bristol office of commercial property consultants Knight Frank is celebrating its best-ever performance in the city.
In the past 12 months the firm’s Bristol team has transacted over £170m of investment deals involving some of the city’s best-known buildings and the UK’s biggest investors.
Key deals have included:
· £8m funding of a new 90 bed Travelodge fronting the A38 in North Bristol on behalf of LaSalle Investment Management
· £31.75m acquisition of 101 Victoria Street comprising 114,124 sq ft of offices and 151 Travelodge Hotel on behalf of Legal & General
· £24.22m acquisition of the RAC Control Centre, one of Bristol’s most iconic buildings fronting the M4/M5 interchange, on behalf of Blackrock
· £23.10m acquisition of 2620 Aztec West, one of Bristol’s finest out of town offices on behalf of Aviva.
Steve Oades, office head and Capital Markets Partner, says: “It’s been a phenomenal year for the capital markets team and for the agency side of our business as a whole. We’ve had a strong investment market for a while now with investors backing a recovery in the leasing market which is now well underway.
“The office market in particular has gone through quite a change over the past couple of years. A lot of the older office buildings around the city centre have been sold for residential conversion which has resulted in a restricted supply of office space and rising rents.
“For the time being, the balance of power is shifting towards the Landlord rather than the Tenant. Hopefully this will encourage further investment into the city and new development.
“It’s great to see those developers who were brave enough to build speculatively a year ago reaping the rewards.”
Knight Frank is also currently selling the Spectrum building opposite Cabot Circus, one of Bristol’s best known office buildings, with a quoting price of £16.6m.
