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Bristol Charities sells two central Bristol apartment blocks for £6 million

Acting on behalf of Bristol Charities, Alder King has negotiated the freehold sale of two central Bristol apartment blocks.  Perrett House and Redcross Mews on Old Market were acquired by Bristol-based Cabot Mews Ltd for in excess of £6 million.

The two blocks, which combined provide 38 purpose-built apartments, received 16 offers, 15 of which were considerably in excess of the guide price, and led to three rounds of extremely competitive bidding.

Ben St Quintin, associate in Alder King’s development team, said the level of interest and the excellent sale price achieved reflects the apparently inexhaustible demand for urban residential refurbishment and development opportunities. 

“After several years of strong price growth in the city centre market, demand is now rippling outwards and we’re seeing very strong interest in opportunities on the fringe of the central area,” he said. 

“The purchaser, who also owns the adjacent Cabot Mews serviced apartment scheme, plans to refurbish the accommodation to provide high quality contemporary serviced and rental apartments.”

The properties occupy a 0.84 acre site, with communal areas, gardens and off street car parking.  They are very well located for city centre living, being just half a mile from Cabot Circus and a mile from Temple Meads and the University of Bristol’s proposed Temple Quarter Campus.

Perrett House provides 22,072 sq ft in 30 one bedroom flats, one two bedroom flat and one two bedroom maisonette, with communal areas suitable for conversion to provide additional accommodation.

Redcross Mews comprises 3,994 sq ft in eight one bedroom flats with a communal garden.

Anne Anketell, Chief Executive of Bristol Charities, added: “The sale of these two apartment blocks will give a significant boost to our plans to invest in excellent quality, purpose-built accommodation for older people in Bristol.”

Bristol Charities administers a number of charities, the oldest of which was founded in 1395.  Today it focuses its efforts on three main areas – providing excellent quality almshouse accommodation with support, delivering community-based services and activites for older people, and giving grants to vulnerable people and families.  More information is available at www.bristolcharities.org.uk

Anne Anketell, Chief Executive of Bristol Charities, added: “The sale of these two apartment blocks will give a significant boost to our plans to invest in excellent quality, purpose-built accommodation for older people in Bristol.”

Alder King is retained as sole agents to acquire further sites for Bristol Charities within the city for almshouse development.

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