Prime Bristol city centre office building 1 Rivergate has been sold for a price in excess of £27.5 million by UK Commercial Property (UKCP) REIT, which is managed by Aberdeen Standard Investments.

The purchase of the self-contained 69,754 sq ft Grade A building by clients of CBRE Global Investors reflects a net initial yield of over 5.75%.

Colliers International represented UKCP REIT at Aberdeen Standard Investments. Hartnell Taylor Cook acted for CBRE Global Investors.

1 Rivergate is prominently located at Temple Quay, facing Temple Circus roundabout and within easy walking distance of Temple Meads station.

The freehold five-storey building, which features a full-height atrium, is let entirely to energy supply company OVO Energy on a new eight-year lease from April 2018, with a break in April 2023.

Richard Coombs, director in the National Capital Markets team in the Bristol office of Colliers International, said: “1 Rivergate represents a prime city office investment in the heart of Bristol’s business district, and we were pleased to act for UKCP REIT at Aberdeen Standard Investments in this deal.

“The price achieved reflects the continuing demand from investors for strong regional office investments.”