Modern multi-let office in CBD

Multi-let office of 18,731 sq ft arranged over ground and 5 upper floors, situated in a corner position, in the heart of Bristol’s thriving CBD. The building was comprehensively refurbished in 2020 at a cost of £2.2 million (£117 per sq ft) to future- proof the asset and to provide characterful Grade A space with an EPC B rating. It provides light, efficient, flexible open-plan floorplates ranging from 2,236 – 3,375 sq ft. The asset has demonstrated impressive leasing track record post-refurbishment. 8 car parking spaces, plus cycle storage and showers. Multi-let on a floor-by-floor basis to 4 tenants, plus 2 vacant suites (1 very recently vacated). Topped-up passing rent of £523,873 pa. reflecting a highly reversionary average rent of £29.13 per sq ft – compared to the prime rental tone of £50.00 per sq ft and nearby competing schemes achieving £49.50 per sq ft (CAT A+). Latest (sub)lease in the building achieved a rent of £43.43 per sq ft (CAT A+). Opportunity to capture immediate reversion via the recently vacated 2nd floor and ground floor, plus all existing leases have lease events within 18 months. A running yield in excess of 12.8% is achievable in the near term.