Investment firm BNF Capital, in partnership with Morgan Capital, has acquired the Programme office building in Bristol from Revolution Property for £36.5 mln (€42.6 mln).
Programme boasts 16,201 m2 of modern workspace spread across a basement, ground floor, and eight upper floors.
The iconic 1960s office block has undergone comprehensive refurbishment and provides various facilities such as café, educational space, a cycle hub, highly specified showers, changing facilities, and a drying room.
Tenants include companies from the technology, life science, and education sectors including Immersive Labs, Cegedim, NMI, Xmos, Sweco, Open Bionics, Buckley Gray Yeoman, and Spaces.
The property is located on All Saints Street, in Bristol city centre. Nearby local amenities include Castle Park, The Floating Harbour, St Nicholas Market, Broadmead, The Galleries, and Cabot Circus.
BNF financial analyst Colin Opp said: ‘We’re delighted to have completed the purchase of Programme from Resolution, which marks our first acquisition in Bristol. Bristol is an incredible city and BNF couldn’t be more thrilled to be a part of its story.’
Ken Edwards, head of investment at Morgan Capital, added: ‘This is an important purchase as it shows our continued commitment to buildings with excellent fundamentals, in core locations, that can deliver long term value. We look forward to continuing the transition of Programme into one of Bristol’s finest and most sustainable office buildings.’
Savills’ Bristol-based director in UK investments, Andrew Phillips, commented: ‘The comprehensive refurbishment of Programme has resonated with occupiers due to its location and access to amenities whilst offering a unique working environment with the added features of a building with scale. We expect the building to continue to capture the strong occupier market in the coming years under new ownership and as surrounding development projects are brought forward.’
Savills represented Resolution, while Mackenzie Real Estate represented BNF and Morgan Capital.
