3rd January 2014
Alder King secures investment sale of Bristol City centre Office buildings
Property consultants Alder King have sold the freehold of two blocks of office buildings on Orchard Street for £2.3 million to a private investor advised by Burston Cook. The sale reflected a net initial yield of 8.7%.
The Grade II listed premises front onto Orchard Street and comprise seven period buildings currently occupied as a Business Centre, providing in total circa 23,000 sq ft. The properties are let to The Orchard Business Centre Ltd on six 15 year leases from December 2012. The tenant provides serviced office facilities to businesses ranging from self-employed individuals to larger companies and within the buildings they offer 88 offices of various sizes.
Gemma-Jane Ogden of Alder King’s investment team says; “We received strong interest from investors in both these properties. The investment offers an attractive return and long term there is potential for alternative use owing to the location in the city centre.”
Alder King acted on behalf of the joint LPA Receivers and Burston Cook advised the purchaser.