High Yielding Office Investment With Development Potential In Bristol Sold For £4.24m
April 23 2014 - LaSalle Investment Management has sold Marlborough House a prominent office building in Bristol city centre for £4.24m to BP Pension Fund.
LaSalle Investment Management has sold Marlborough House a prominent office building in Bristol city centre for £4.24m to BP Pension Fund. The property is freehold and let on a single lease to Winterthur Financial Services UK Limited, guaranteed by Axa Plc.
Marlborough House extends to circa 54,000 square feet over seven floors including secure underground parking for 42 cars. Situated in the heart of Bristol, Marlborough House lies in close proximity to the main routes into the city, with immediate access to the national motorway network, Temple Meads station and Bristol Bus and Coach Station. Marlborough Street provides an immediate link to the affluent suburb of Clifton with the Bristol Royal Infirmary and the University of Bristol’s main campus close by. The property additionally benefits from the nearby Broadmead Shopping Centre, which has been significantly improved with the development of Cabot Circus.
Paul Till, Head of National Business Space at LaSalle Investment Management said: “The sale of this property is in line with our strategy to dispose of non-core assets and recycle capital into new opportunities.”
Ian Lambert, Investment Partner at Hartnell Taylor Cook LLP who acted for LaSalle Investment Management said “The sale attracted a healthy level of interest with a number of buyers looking at the building for alternative uses.”
Mark Lewis, MD of Crossmark Developments Limited, the Development Manager to BP indicated that a number of alternative uses were being considered including residential for both sale and rental.
BP Pension Fund was advised by Jackson Criss and Crossmark Developments Limited