Castleforge Partners has sold the freehold interest in Bristol House, a part-refurbished office building on Victoria Street, Bristol.
The property comprises approximately 32,650 sq ft with 17 basement car parking spaces, and is let to Lyons Davidson Limited. On completion of the refurbishment works, Lyons Davidson Limited will take a new 15 year lease with break in year 10, at a rent of £20.00per sq ft.
The refurbishment includes new roof covering, windows, full replacement of the mechanical and electrical installations, common parts, new ceilings, lighting and a full redecoration.
Castleforge has already handed over two floors with the remaining space to be completed by the new owners. Lyons Davidson has remained in occupation throughout the refurbishment, which is taking place in a phased programme.
The deal reflects a price on completion of the works close to £12,000,000, reflecting a net initial yield of 5.18%.
Castleforge Partners were again represented by Colliers International, which also undertook their sale of 1 Cathedral Square, a prime office in Harbourside, Bristol for £33.5M in December 2017. Savills acted on the acquisition on behalf of a local authority purchaser.