Pair of building deals reflect strength of Bristol’s city centre and out-of-town prime office markets

September 3, 2021

An office block on the edge of Bristol city centre has been sold for £20m, earning the Channel Islands-registered firm that has owned it for the past nine years a profit of £15.8m.

Circle Property, which invests in, develops and actively manages regional office assets, bought the 79,359 sq ft One Castle Park, pictured right, on Tower Hill for £4.165m. 

In a separate deal, Circle has also sold an office building at Aztec West to primary care real estate developer and manager Assura for £3.9m – a 156% increase on its value at March 31.

Circle had refurbished the building, 135 Aztec West, pictured below, earlier this year at a cost of around £1.45.m. It was previously occupied by Davies and Partners Solicitors.

Circle spent £345,000 on a major refurbishment of One Castle Park’s key areas earlier this year, including a new-look entrance with new signage and planters, a complete reconfiguration of its reception area with tea point and new floors and updating the lift lobbies. 

New shower and cycle facilities were also installed in the building, which is opposite Castle Park View, the 26-storey, 375-apartment tower that will be Bristol’s tallest residential building once it is completed.

Tenants in One Castle Park include law firm Irwin Mitchell, recruitment company Heat and retirement wealth planning investment platform James Hay Partnership.

The £20m paid by new owner London and Hereford-based Boultbee Brooks Real Estate was a 3.9% increase on its last valuation made on March 31 – reflecting the vibrancy of Bristol’s city centre office market.

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