1 George's Square, Bath Street, Bristol
An Institutional Fund of IVG Funds has acquired a prime city centre office building in Bristol for £21.915m reflecting a net initial yield of 6.65%.
The property, 1 George’s Square, Bath Street, Bristol, comprises a Grade A office building set over ground and five upper floors and occupies a prominent waterfront position overlooking the floating harbour. The property extends to approximately 6,378.51 sq m (68,660 sq ft) and is let to Clarke Wilmott for 20 years until 13th March 2023 at a passing rent of £1,540,956 per annum (£23.14 per sq ft).
CB Richard Ellis acted on behalf of the purchaser IVG and King Sturge represented the vendor, Invista Real Estate Investment Management who manages the fund on behalf of St James’s Place.