City centre office investment sold in Bristol

TCN, advised by Hartnell Taylor Cook LLP has sold Monarch House, a modern multi-let office investment located in the centre of Bristol for £2.7 million reflecting a net initial yield of 7.28%.

The freehold interest has been acquired by clients of Longmead Capital advised by Savills.

Monarch House is situated in the popular location on Queen Charlotte Street, close to Queens Square. It is a modern office building totalling 15,525 sq ft spread over six floors with 10 on-site parking spaces. The building is fully let producing a rental income of £209,092 per annum and occupiers include LearnDirect Ltd, Cypad Ltd and Central Studio Salon.

Gemma-Jane Ogden of Hartnell Taylor Cook LLP said: “We had a strong level of interest in this attractive freehold investment. Bristol continues to perform strongly as a magnet for commercial property investment and the City is predicted to outperform every other ‘Big 6’ regional office market over the next 4 years.”

Richard Pearce of TCN said “Having acquired Monarch House in 2012 and refurbished the building fit for modern office occupation, it feels like the right time to exit and redeploy the capital into our next exciting regeneration project.”

Hartnell Taylor Cook LLP advised the vendors, TCN. Savills advised the purchasers, clients of Longmead Capital.