Acting on behalf of CBRE Global Investors, in an off market transaction, Hartnell Taylor Cook LLP has acquired The U Shed on Cannons Road, a prime leisure investment situated in the heart of Bristol’s Harbourside, overlooking the floating harbour for £7,700,000.
The Property is predominantly let to Punch Taverns, who have sublet to Za Za Bazaar, who operate a ‘street food’ concept restaurant on the ground and first floor.
Ian Lambert Investment Partner at Hartnell Taylor Cook LLP, who advised CBRE Global Investors, said: “This is a cracking acquisition. It’s a really well located property, situated in the heart of Harbourside, arguably Bristol’s premier leisure location. With increasing tenant demand and a compelling change of use strategy for the upper floor, this investment offers an attractive net initial yield and a genuine add value opportunity.”
Sam Winstone, Senior Associate at CBRE Global Investors added: “Our focus is to acquire well located properties, in the major UK cities, that will benefit from active asset management. We believe the U-Shed’s prime location, on the waterfront, will be appealing to a range of food and beverage operators”.
The Property comprises total accommodation of 31,771 sq ft, and is let to Punch Taverns and Black Sheep Bars Ltd producing £562,116 per annum. The purchase price of £7,700,000 represents a Net Initial Yield of 6.84%.
CBRE acted for vendors Kennedy Wilson Europe.
