Global real estate advisor, CBRE, has successfully advised Aviva Investors on the disposal of the prime waterside office building, Kings Orchard, for £35 million representing a net initial yield of 5.15%. The building was sold to CCLA on behalf of their Local Authorities Mutual Investment Trust.

Kings Orchard is an 89,010 sq ft office building, let in its entirety to Bevan Brittan LLP, a UK top 100 national law firm, with eight years unexpired, generating an annual income of £1,926,357 per annum. The next rent review is due in March 2022 and the investment offers asset management opportunities to further enhance the value of the building.

Kings Orchard is located close to a number of major new office developments in the city in a dynamic commercial location where rental levels have seen significant uplift.

CBRE advised Aviva Investors and Hartnell Taylor Cook advised CCLA who were representing Local Authorities Mutual Investment Trust.