The freehold of two Grade II listed office buildings on Orchard Street in Bristol has been sold for £2.3 million in a deal brokered by property consultants Alder King. The sale to a private investor reflects a net initial yield of 8.7 per cent.
The offices front onto Orchard Street and comprise seven period buildings currently occupied as a Business Centre, providing around 23,000 sq ft. The properties are let to The Orchard Business Centre Ltd on six 15 year leases from December 2012. The tenant provides serviced office facilities to businesses ranging from self-employed individuals to larger companies and within the buildings they offer 88 offices of various sizes.
Gemma-Jane Ogden of Alder King’s investment team said: “We received strong interest from investors in both these properties. The investment offers an attractive return and long term there is potential for alternative use due to the city centre location.”
Alder King acted on behalf of the joint LPA Receivers and Burston Cook advised the purchaser.
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