Hartwell House, which comprises a 56,201 sq ft prime office asset in the heart of Bristol’s Central Business District, has been sold to a segregated client of Aberdeen Standard Investments for £28.15m.
The purchase price reflects a net initial yield of 5.18%.
Longwell Properties Limited developed the former Hartwell garages site in 2007 creating a home for many well known corporates and have continued to asset manage since growing rental income by over 30% with a headline rent of £31.80 per sq ft.
Cushman & Wakefield represented Longwell Properties Limited whilst Savills represented Aberdeen Standard Investments.
The building is located on Victoria Street, a short walk from Temple Quay, Cabot Circus and Bristol Temple Meads station. It is arranged over five floors and currently let to SN Systems Ltd, Barnett Waddingham LLP, Epic Bristol Ltd, RSM UK Management Ltd and Hays Specialist Recruitment Ltd which contribute to a current passing rental income of £1,558,701 per annum at a blended rate of £27.73 per sq ft.
Nick Allan, International Partner and Head of Capital Markets at Cushman & Wakefield in Bristol commented: “We are delighted to have delivered Longwell Properties’ business plan with the sale of the Hartwell House to Aberdeen Standard Investments. Longwell Properties have created an excellent grade A office building in the heart of Bristol’s central business district. The investment received significant interest from a variety of capital sources including UK institutions, with pricing reflecting the appetite for core Bristol real estate with asset management opportunities.”