CBRE Global Investors, on behalf of its client, has acquired 2 College Square in Bristol from M&G Real Estate for £22.775 million.
The property is located within the attractive mixed-use Harbourside development in Bristol city centre and comprises a grade A office built in late 2011 totaling 52,728 sq ft. The property is held freehold and is fully let to four tenants providing diversified income with the potential to deliver enhanced performance through lease events and asset management.
The area has emerged as a key business district with occupiers including Lloyds Banking Group, Hargreaves Lansdown, the Environment Agency and Direct Line. Bristol is one of the major regional office markets in the UK and is characterised by a shortage of grade A office supply and continued strong occupier demand providing a positive outlook for rental growth.
Tim Munn, Senior Director, CBRE Global Investors comments: “The purchase of 2 College Square provides our client with a modern, prime multi-let office located within a major regional city centre with income growth potential going forward. This acquisition forms part of our strategy to focus upon high quality investments with sustainable occupational demand to deliver performance through the market cycle.”
James Emans, Associate Director in the investment team at Savills, comments: “This prime asset is well-placed to deliver a strong long term income against the backdrop of extremely constrained supply in Bristol’s office market. We are pleased to have successfully secured the purchase on behalf of our client.”
CBRE Global Investors was represented by Savills. M&G Real Estate was represented by Cushman and Wakefield.