8th March 2013
Bristol City Council acquires 100 Temple Street, Bristol
Bristol City Council has purchased the landmark office building at 100 Temple Street near Temple Meads in Bristol from Aviva Investors Property Trust.
The purchase by the Council is part of its comprehensive plan to consolidate its occupation across the city and could save local taxpayers around £40 million over the next 25 years.
Doug Carson, asset manager at Aviva Investors, which was advised in the negotiations by Alder King, said: “It was refreshing working with such a forward-thinking council as Bristol City Council. We believe the result works well for both the Aviva Investors Property Trust and the local taxpayers of Bristol.”
Bristol Mayor George Ferguson said: “It makes complete sense for the Council to vastly reduce the number of offices it currently owns or leases across the city and consolidate into a few core offices. The location is very strategic next to Temple Meads and the planned Metrobus interchange, as well as being in the heart of our ambitious plans for Redcliffe and the whole Enterprise Zone area.”
Simon Price, head of agency at Alder King, also commented: “This is a very significant transaction for Bristol city centre and will help to give a major boost to the market at a time when we are beginning to see increased levels of activity.”
The five-storey property provides 130,000 sq ft of accommodation and was sold for around £18 million.