Bevan Brittan head office building sold in £35m deal

July 26, 2019

A prime waterside office building in Bristol city centre has changed hands in a £35m deal. 

The freehold of 89,010 sq ft Kings Orchard overlooking Castle Park and the Floating Harbour has been acquired by London investment firm CCLA on behalf of clients Local Authorities Mutual Investment Trust from insurance giant Aviva. 

building is let entirely to let national law firm Bevan Brittan on a 20-year lease from 2007, generating an annual income of £1,926,357. Bevan Brittan has underlet parts of the building at higher rental levels.

The next rent review is due in March 2022. The investment offers asset management opportunities to enhance the value of the building further.

Bristol-based Hartnell Taylor Cook advised CCLA on the deal, which reflects a net initial yield of 5.15%.

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