Sol Zakay’s Topland Group has sold the freehold interest in an office property in Bristol for £95.5 mln (€107 mln) to a South Korean investor advised by Knight Frank Investment Management (KFIM), law firm Ashurst and Korean Asset Manager WWG.
10 Canons Way, Harbourside is one of the largest offices in the city and was developed in 2007 for Clerical Medical Insurance. The grade A property comprises around 176,611 ft2 (16,400 m2) over five floors and is let to Scottish Widows Ltd until November 2032.
'This was an opportunistic sale where we were approached off market and decided to take advantage of a sale before year end,' commented Mark Kingston, managing director at Topland Group plc.
'This is our fourth successful transaction on behalf of our Korean clients,' said David Johnson, partner at KFIM. 'The dynamic Bristol market has, we believe, good long term performance characteristics.
'We continue to seek assets with similar investment characteristics both here in the UK and on the continent.'
'The Bristol market continues to flourish with significant occupier demand, rental growth and rapidly reducing supply making the dynamics for investment in the city very compelling,' said Nick Allan, investment partner at Cushman & Wakefield, who acted on the sale.
'Bristol’s growing significance with international investors continues and this represents the third significant transaction with South Korean investors we have been involved with this year.'
Cushman & Wakefield acted for the vendor, Topland Group, while CBRE acted for KFIM.
