City Business Park Bristol, a prime multi-let industrial estate, has been acquired by Orchard Street Investment Management for £30 million, on behalf of St James’s Place Property Unit Trust.
The asset was sold by LaSalle Investment Management.
The estate comprises 19 units totalling approximately 118,000 square feet across a six-acre site. All the units are let or under offer at a low passing rent of £7.80/ft2 overall, offering strong rental growth prospects when compared to rental values in the area in excess of £12/ft2.
City Business Park is an established business park located just off the A420 close to the junction with the A4320 St Philips Causeway and Central Bristol. The park is within 1 mile of Bristol City Centre via the A420 and inner ring road and has easy access to the M32 motorway via the A4320.
Harry Buxton, Acquisitions Manager at Orchard Street, said: “This strategically located, multi-let asset represents an excellent addition to our client’s portfolio, providing a low density industrial estate in central Bristol which lends itself to last mile delivery.
“Its multi-let nature provides us with numerous opportunities to improve its sustainability credentials whilst importantly allowing us to capture the highly reversionary rents in the near term to generate value on behalf of our investors.”