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
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages more than $69 billion of assets in private and public real estate property and debt investments as of Q3 2020. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.