Bristol property developer Urbis has sold one of the city’s industrial landmarks, the Robinson Building in Bedminster, to social housing group Sovereign in a £6m deal.
The former paper bag factory and printing works, built in 1870, and an adjacent former church have been converted into dozens of apartments.
Urbis bought the building, which dominates the skyline of west Bedminster, more than five years ago. Redevelopment of the site was completed in 2010, despite the difficult economic conditions and now includes more than 40 apartments in total, including 12 in the neighbouring East Street Church redevelopment.
The deal closes an important chapter for the developer. The funds released are now expected to be reinvested elsewhere in the business.
Bristol law firm Temple Bright, property partner Justyn McIlhinney worked on the deal for Urbis, having also acted for them on the original purchase of the building back in 2007.
“It’s a nice to close the circle on this project with Urbis more than five years on,” he said. “It’s a good deal to get away in today’s market and a sign of confidence about this part of Bedminster – and the Robinson Building itself – as a solid residential investment. It’s also excellent news for Urbis, who can move onto other projects, and for the buyer, Sovereign, which has added a really prestigious address to its portfolio of managed properties.”
Urbis managing director Richard Clarke said: “We stuck our necks out developing the building through a sticky few years for the economy, but the opportunity was too good to pass up. I think the quality of the finished building speaks for itself, and this sale to Sovereign bears that out.”
Sovereign South+West is recognised by the Government as one of the best-run social landlords in the country. The transaction adds to the 14,000-plus homes it already manages in the South West.
