23rd June 2015

Skanska sells 66 Queen Square, Bristol

Skanska has exchanged contracts for the sale of its prime city centre office development at 66 Queen Square in Bristol to Aviva Investors Property Trust for £32.7m, reflecting a yield of 4.95%. 

The property offers 61,484 sq ft of Grade A office space, combining a new five-storey building integrated with a fully modernised and refurbished Grade II listed Georgian terrace building.  Construction will complete in October 2015.

The scheme is currently 90% pre-let at a headline rent of £28.50 per sq ft.  KPMG has agreed a 15 year term while Handelsbanken has agreed a 10 year term, both without tenant breaks. 

Alder King and JLL advised Skanska on the sale of the investment.  Knight Frank advised Aviva Investors. 

Alder King and JLL are also letting agents for the remainder of the development which includes the penthouse at 3,272 sq ft and the self-contained unit at 72 Queen Square at 3,077 sq ft.