Picton, the property investment company, has announced that it has secured two new occupiers at Tower Wharf, the Grade A Bristol office building that it acquired for £23.15 million in August 2017.
Two global and market leading businesses have completed new leases for a combined 19,100 sq ft. The fourth floor has been let to Integreon, a business support company and the fifth floor has been let to the advertising agency, McCann.
With a combined annual rent of £0.54 million, equivalent to £28.50 per sq ft and 4% ahead of the September estimated rental value (ERV), the lettings will further improve the income profile and will have a positive valuation impact in March. Following these lettings, the building is now over 90% occupied with only one suite remaining on the first floor.
Located in a prominent position on the waterfront, adjacent to Temple Way, and equidistant to both Temple Meads Station and the Cabot Circus shopping district, the building was constructed in 2005 to a BREEAM “Excellent” rating. Overall, it provides 70,664 square feet of office accommodation arranged over ground and five upper floors, with car parking in the basement.
Michael Morris, Chief Executive of Picton Capital Limited, commented: “We acquired Tower Wharf because we identified the potential to significantly enhance value and income through leasing the vacant space quickly in a local market with high occupational demand and a lack of Grade A stock. To have signed these leases so soon after acquiring the building vindicates our strategy and highlights the team’s ability to grow income and create value.”
