Palmer Capital sells Bristol office asset for £56.3m
Palmer Capital has sold a Bristol office asset for £56.3m (€69.6m).
The company said its partnership with developer Cubex Land had sold the Bridgewater House office development at a net 5.35% yield.
The 115,000 sqft property is let to several tenants including Barclays, EDF and BDO.
Palmer Capital said it bought the building, at Finzels Reach, in 2013 when it was 24% let and redeveloped the building.
The wider Finzels Reach site includes a 168-bedroom hotel pre-let to Premier Inn and 400 apartments, as well as a 100,000 sqft speculative office.
Earlier this week, the Aurora scheme, also at Finzels Reach, was bought by Palmer Capital Development Fund III, a CBRE Global Investment Partners venture launched in 2014.
The 0.4-acre site has planning consent for a 95,530 sqft office development, with completion due in October next year.
Chris Button, director at Palmer Capital, said: “Bristol has a shortage of Grade-A office space, which has already resulted in rental growth.”