22nd December 2014
Bristol city centre office sold for £2.4m
LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, has sold the freehold of Newminster House, Baldwin Street, Bristol to Chadwick Holdings for £2.4 million.
The prominently situated building comprises multi-let offices with ground floor retail totalling 27,679 square feet over seven floors. The purchase price exceeded the guide price and reflects a capital value of £86.70 per square foot.
Paul Till, Head of National Business Space at LaSalle Investment Management said: “The sale of this property is in line with our strategy to dispose of non-core assets and recycle capital into new opportunities.”
The purchaser Chadwick Holdings was advised by Alder King. Oli Stretton, associate in Alder King’s investment team, commented: “The impact of the changes to Permitted Development Rights enabling residential conversion of offices has resulted in a significant tightening of secondary office supply within the city. This gives us confidence in the letting market and the ability to maintain an attractive running yield profile. The building offers flexible floor plates and can accommodate a broad range of occupier requirements.”
As well as advising on the acquisition, Chadwick Holdings has instructed Alder King to take on responsibility for the whole building, including property and facilities management, building consultancy, rating advice and, jointly with Knight Frank, office agency.
LaSalle Investment Management was advised by Knight Frank.