A major city centre retail scheme which is also home to Bristol’s largest nightclub has been sold for £2.15m – far higher than the price it went on the market for.
The prominent 32,000 sq ft development on the corner of Nelson Street and Fairfax Street includes seven ground-floor shop units with the 1,800-capacity Syndicate club on the upper floors. The site generates an annual net income of nearly £205,000.
The long leasehold interest in the 1960’s scheme was sold by Bristol-based developer Deeley Freed to an unnamed London-based property company. 
Bristol agents Hartnell Taylor Cook, who handled the sale, said the higher-than-expected sale price – and the interest in the scheme from potential buyers – reflected the city’s strong property investment market. The agency put the block on the market in February and invited offers in excess of £1.75m.
Gemma-Jane Ogden of Hartnell Taylor Cook said: “The site provides a significant development opportunity due to its close proximity to the major developments being undertaken around Nelson Street, which will eventually provide over 1,000 new apartments.
“There was substantial interest in the investment from a variety of investors and developers reflecting the strength of the Bristol investment market and consequently we secured a price which exceeded the asking price.”
Lambert Smith Hampton acted for the buyer.
