Lambert Smith Hampton completed the sale on behalf of property investment and development company, Broadshade Group Ltd.
The property, 1 The Brooms, has been sold to Maurice Investments Ltd and comprises 15,300 sq ft of modern office accommodation arranged over the ground and one upper floor.
It is situated on Monarch Court within the Emersons Green Enterprise Area, part of a cluster of business parks to the north east of Bristol city centre.
The income producing office investment comes fully let to Expleo Engineering UK Ltd. LSH agreed a 10-year lease renewal at a passing rent of £258,250 per annum, the agreed price of £3.1m providing a net initial yield of 7.83%.
LSH advised Broadshade Group Ltd and Maurice Investments Ltd were unrepresented.
Charlie Lake, Director – Office Advisory & Capital Markets, at LSH commented:
“The significant amount of interest we received for this unit, demonstrates the continued strength of demand for exposure to the compelling occupational dynamic across the whole of the Bristol office market.”
Louise Leat of Broadshade Group added:
“This asset has performed well during our ownership and the renewal last year shows the tenant's commitment to the unit and the quality of the offices, which are well located in Emersons Green.”
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