The international real estate advisor CBRE Group has successfully advised Aviva Investors on its prime waterside building located in Kings Orchard, Bristol for a sum of £35 million – representing a net initial yield of 5.15%.
The building has been told to CCLA which was bought on behalf of their Local Authorities Mutual Investment Trust.
The office building has a total space of 89,010 sq ft which is currently fully let to Bevan Brittan LLP, a top national law firm, generating an annual income of £1.926m per annum. The next rent review for the premises is in March 2022, which opens up for investment offers and asset management opportunities to further add value to the building.
King Orchard is located in a dynamic commercial location amongst other significant new office developments, rent levels within the area are said to be on the rise.
CBRE advised Aviva Investors for this traction, and Hartnell Taylor Cook advised CCLA on behalf of Local Authorities Mutual Investment Trust.