A prominent retail and office building in central Bristol is on the market with a £2m price tag.
The 53,000 sq ft Southey and Aylward House, which occupies the corner site of Wine Street and Union Street opposite Castle Park and The Galleries shopping mall, sits on a 0.42-acre site with planning permission for a major redevelopment.
Consent was granted two years ago for Urbina Bristol Development Partnership Ltd to redevelop the land as a 140,000 sq ft mixed use scheme.
The Bristol offices of property consultants Alder King and Lambert Smith Hampton have now been instructed by the fixed charge receivers of the property to market it.
Alder King Bristol partner John Benson said the redevelopment was put on hold due to dramatic changes in the property market and will need to wait for further recovery in the market.
But he added: “At this point in the property development cycle, Southey and Aylward House offers a unique opportunity to acquire a site in a central location at an attractive price with time to review the development potential while benefiting from the existing income stream.”
As well as its future development potential, there is also considerable scope to enhance income returns in the short term, he said.
“While there is currently a high level of outgoings in relation to void rates and service charge deficits, we believe that proactive asset management can turn this around very quickly enhancing the buyer’s return on their investment,” he said.
All the building’s ground floor retail units are occupied.
