Verve Investments Ltd, advised by Hartnell Taylor Cook LLP and Rumsey & Partners, has sold Brew House an iconic Grade II listed office building located in Bristol’s City Centre, for £7.65 million reflecting a net initial yield of 6.08%.
The freehold interest has been acquired by Knight Frank Investment Management advised by Fineman Ross.
This unique investment had been substantially repositioned and refurbished by Verve in 2015 to provide innovative office accommodation with a reception break out space complete with a Tuk Tuk converted into a coffee station! The 29,857 sq ft office building aimed at the TMT sector is located adjacent to the Old Market Roundabout, overlooking the Inner Ring Road, within close proximity of both Cabot Circus and Temple Meads Railway Station. Many of the original design features were carefully maintained in creating the open plan contemporary space and the building now generates an annual income of £495,039.50 per annum from tenants Zone Limited, Gresham Technologies and SLR Consulting.
Gemma-Jane Ogden of Hartnell Taylor Cook LLP said: “This was a one off opportunity following the amazing refurbishment which created such contemporary space within a Grade II listed building. The high quality refurbishment, strong tenants and the fact that the building is located in an area undergoing major change and development over the next few years led to competitive bidding for the building, with 7 offers in excess of the asking price.”
Tim Pain of Verve Properties said: “We have had a long relationship with Bristol following our redevelopment of the Paintworks and we recognised there was a real need in the city to cater for the rapidly expanding technological and creative sector within the City and Brew House proved popular. We continue to look for similar opportunities requiring our niche approach.”
John Styles, Partner at KFIM said: “We have acquired this asset for one of our retained insurance company clients. We see good growth potential given the continuing expansion of demand from occupiers in the technology sector and shortage of supply of appropriate buildings in Bristol.”
Hartnell Taylor Cook LLP and Rumsey & Partners advised the vendors, Verve Properties. Fineman Ross advised the purchasers, Knight Frank Investment Management.