20th January 2016
Ashfield Land sells Grade A Clifton office development to Kames Capital
Kames Capital, on behalf of Aegon UK Property Fund and advised by Savills, has acquired St Catherine’s Court in Bristol from Ashfield Land for £13.8 million, reflecting a net initial yield of circa 5.7%.
The 31,129 sq ft (2,892 sq m) office building was developed by Ashfield Land and is Clifton’s only Grade A BREEAM Excellent building. Current tenants include Bilfinger GVA and Saffery Champness. The annual rental income is £833,493.after rent top ups in respect of the vacant space.
Ian Gatiss, asset manager at Kames Capital said: “We are delighted to have purchased St Catherine’s Court which forms part of our strategy to invest in A Grade properties within the Aegon UK Property Fund.”
Andrew Main, director of investment at Savills in Bristol, comments: “St Catherine’s Court provides top quality office space in a strong location in Bristol. Benefiting from strong covenants, this was an ideal acquisition for Kames with the scope for further asset management and future rental growth.”
John Benson, partner at Alder King who advised the vendor, adds: “We’re pleased to have secured the sale of this excellent office building for Ashfield, taking advantage of the very strong institutional demand for prime regional buildings.”