Knight Frank has completed two of Bristol’s largest office investment transactions of the year so far, with a combined value of more than £53 million.
Knight Frank’s capital markets team in Bristol acted on behalf of vendor Rockspring in the freehold sale of the Tower Wharf office building to Picton Property Income Fund, and in the sale of the long leasehold for 66 Queen Square office to M&G Real Estate on behalf of owner Aviva Investors.
Both were sold off market, for undisclosed individual sums.
Tower Wharf is a five-storey 70,279 sq ft headquarters office building in Cheese Lane, overlooking the floating harbour and adjacent to the expanding Enterprise Zone. Tenants include Ashfords LLP, LSH, Newlaw Legal, and Oracle.
66 Queen Square provides 61,484 sq ft of Grade A office space, combining a modern five-storey building – completed in 2015 – integrated with a fully modernised and refurbished Grade II listed Georgian terrace building on a corner site in Queen Square. Occupiers include KPMG and Handelsbanken.
Steve Oades, who heads the Capital Markets team of Knight Frank in Bristol, said: “These two major deals demonstrate the high level of investor confidence in the Bristol office market, which is significantly under supplied. Investors are buying into the rental growth possibilities the city offers and we expect prime city centre rents to reach over £32 per sq ft by the end of this year.”
