A business park in central Bristol has been bought by a commercial property investment firm for £ 30million.
Orchard Street Investment Management acquired City Business Park from LaSalle Investment Management on behalf of St James’s Place Property Unit Trust.
The six-acre freehold estate, just off the A420, near the junction with the A4320 St Philips Causeway and downtown, comprises 19 units totaling approximately 118,000 square feet.
All units are rented or offered at rent of £ 7.80 per square foot.
Harry Buxton, Director of Acquisitions at Orchard Street, said: “This strategically located multi-rental asset represents a great addition to our client’s portfolio, providing a low density industrial area in central Bristol that lends itself to the delivery of last mile. “
According to Orchard Street, its business plan for the site “will generate value” by improving the domain’s ESG credentials through an active asset management program.
The company said it will install photovoltaic solar panels and electric vehicle charging points and improve all EPC ratings. Orchard Street also said the acquisition aligned with its “Net Zero Carbon Pathway” and its goal of acquiring assets with “significant potential” for ESG improvement.
Mr. Buxton added: “Its multi-tenant nature offers us many opportunities to improve our sustainability credentials while, above all, allowing us to capture highly reversible short-term annuities to generate value on behalf of our investors. . “
Orchard Street was advised on the acquisition by Stonehill Partners, while LaSalle Investment Management was advised by TT&G Partners.
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