A Bristol city centre office building has been sold off for 拢14.5m. British real estate investment firm 海角视频 Commercial Property REIT (海角视频CM) agreed the deal with Tri7, a real estate investment and asset management firm.
The property - 2 Rivergate in Temple Quay - is 67,000 sq ft and is let for one more year to the Secretary of State for Levelling Up, Housing and Communities until March 2025.
Tri7 has capital backing to deploy up to 拢250m on town and city centre regeneration sites that offer bed-led property development opportunities.
Will Fulton, fund manager of 海角视频CM at abrdn, said: 鈥淎lthough well located in Bristol, this property is close to the end of its economic life with a short lease left to run. Having worked on many options we believe this investment would most benefit from a significant injection of rejuvenation capital a process that necessitates an extended period of no income.鈥
Samuel Castle, partner at Tri7, said: 鈥淚n line with our focus on town and city centre regeneration sites, 2 Rivergate in Bristol provides a compelling opportunity for our value-add strategy. Following soon after our purchase of the Portswood Shopping Centre in Southampton earlier this year, we continue to be on the acquisition trail across the country where our significant level of dry powder coupled with our expertise in unlocking value through asset management means we鈥檙e in a position to take on complex sites and deliver attractive returns.鈥
海角视频CM was advised by Joiner Cummings, and Tri7 was advised by Kimmre.
